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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950103-07-002797.txt : 20071119
<SEC-HEADER>0000950103-07-002797.hdr.sgml : 20071119
<ACCEPTANCE-DATETIME>20071119115955
ACCESSION NUMBER:		0000950103-07-002797
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20071119
FILED AS OF DATE:		20071119
DATE AS OF CHANGE:		20071119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ULTRAPAR HOLDINGS INC
		CENTRAL INDEX KEY:			0001094972
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS DISTRIBUTION [4924]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14950
		FILM NUMBER:		071255326

	BUSINESS ADDRESS:	
		STREET 1:		AV BRIGADERIO LUIZ ANTONIO 1343
		STREET 2:		9 ANDAR SAO PAULO
		CITY:			SP BRAZIL 01350-900
		STATE:			D5
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		CT CORPORATION SYSTEM
		STREET 2:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp07575_6k.htm
<TEXT>
<html>

  <head>
    <title></title>
  </head>
  <body bgcolor="#ffffff" style="MARGIN: 5%; TEXT-INDENT: 0pt">
    <div>
      <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="4">
      <hr style="MARGIN-TOP: -10px; COLOR: #000000" noshade size="1">
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><strong>Form
      6-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><strong>Washington,
      D.C.&#160;&#160;20549</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><strong>Report
      Of Foreign Private Issuer</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><strong>Pursuant
      To Rule 13a-16 Or 15d-16 Of</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><strong>The
      Securities Exchange Act Of 1934</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">For
      the
      month of November, 2007</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Commission
      File Number: 001-14950</font></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman;"><strong>ULTRAPAR
      HOLDINGS INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">(Translation
        of Registrant&#8217;s Name into English) </font>
        <div>
          <hr style="COLOR: black" align="left" noshade size="1" width="100%">
        </div>
      </div>
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    <div><br></div>
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      Brigadeiro Luis Antonio, 1343, 9&#186; </strong><strong>Andar</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><strong>S&#227;o
      Paulo, SP, Brazil&#160;&#160;01317-910</strong></font></div>
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        of Principal Executive Offices) </font>
        <div>
          <hr style="COLOR: black" align="left" noshade size="1" width="100%">
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Indicate
      by check mark whether the registrant files or will file annual reports under
      cover of Form 20-F or Form 40-F:</font></div>
    <div><br></div>
    <div align="center">
      <table cellpadding="0" cellspacing="0" width="50%">

          <tr>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Form
                20-F</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">X</font></div>
              </div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Form
                40-F</font></div>
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            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Indicate
      by check mark if the registrant is submitting the Form 6-K in paper as permitted
      by Regulation S-T Rule 101(b)(1):</font></div>
    <div><br></div>
    <div align="center">
      <table cellpadding="0" cellspacing="0" width="50%">

          <tr>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Yes</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">No</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">X</font></div>
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            </td>
          </tr>

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    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Indicate
      by check mark if the registrant is submitting the Form 6-K in paper as permitted
      by Regulation S-T Rule 101(b)(7):</font></div>
    <div><br></div>
    <div align="center">
      <table cellpadding="0" cellspacing="0" width="50%">

          <tr>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Yes</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">No</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">X</font></div>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Indicate
      by check mark whether by furnishing the information contained in this Form,
      the
      Registrant is also thereby furnishing the information to the Commission pursuant
      to Rule 12g3-2(b) under the Securities Exchange Act of 1934:</font></div>
    <div><br></div>
    <div align="center">
      <table cellpadding="0" cellspacing="0" width="50%">

          <tr>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Yes</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">No</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">X</font></div>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">If
&#8220;Yes&#8221;
        is marked, indicate below the file number assigned to the registrant in
        connection with Rule 12g3-2(b):</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>N/A</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div>
        <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="1">
        <hr style="MARGIN-TOP: -13px; COLOR: #000000" noshade size="4">
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><strong>ULTRAPAR
      HOLDINGS INC.</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><strong>TABLE
      OF CONTENTS</strong></font></div>
    <div>&#160;</div>
    <div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>ITEM</strong></font></div>
              </td>
              <td valign="top" width="88%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">1.</font></div>
              </td>
              <td align="left" valign="top" width="88%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Ultrapar
                  Participa&#231;&#245;es S.A. Relevant Notice dated November 12, 2007 regarding
                  corporate restructuring</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">2.</font></div>
              </td>
              <td align="left" valign="top" width="88%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Minutes
                  of a Meeting of the Board of Directors of Ultrapar Participa&#231;&#245;es S.A.,
                  held on November 12, 2007</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">3.</font></div>
              </td>
              <td align="left" valign="top" width="88%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Minutes
                  of a Meeting of the Board of Directors of Refinaria de Petr&#243;leo Ipiranga
                  S.A., held on November 12, 2007</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">4.</font></div>
              </td>
              <td align="left" valign="top" width="88%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Minutes
                  of a Meeting of the Board of Directors of Distribuidora de Petr&#243;leo
                  Ipiranga S.A., held on November 12, 2007</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">5.</font></div>
              </td>
              <td align="left" valign="top" width="88%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Minutes
                  of a Meeting of the Board of Directors of Companhia Brasileira
                  de Petr&#243;leo
                  Ipiranga, held on November 12, 2007</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="12%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">6.</font></div>
              </td>
              <td align="left" valign="top" width="88%">
                <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Convening
                  Notice for Special Shareholders&#8217; Meeting of Ultrapar Participa&#231;&#245;es
                  S.A.</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="12%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">7.</font></div>
              </td>
              <td align="left" valign="top" width="88%">
                <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Convening
                  Notice for Special Shareholders&#8217; Meeting of Refinaria de Petr&#243;leo Ipiranga
                  S.A.</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="12%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">8.</font></div>
              </td>
              <td align="left" valign="top" width="88%">
                <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Convening
                  Notice for Special Shareholders&#8217; Meeting of Distribuidora de Petr&#243;leo
                  Ipiranga S.A.</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="12%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">9.</font></div>
              </td>
              <td align="left" valign="top" width="88%">
                <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Convening
                  Notice for Special Shareholders&#8217; Meeting of Companhia Brasileira de
                  Petr&#243;leo Ipiranga</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">10.</font></div>
              </td>
              <td align="left" valign="top" width="88%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Protocolo
                  e Justifica&#231;&#227;o do Incorpora&#231;&#227;o de A&#231;&#245;es (Protocol and Justification of the
                  Share Exchange) between Ultrapar and RIPI, dated November 9,
                  2007</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">11.</font></div>
              </td>
              <td align="left" valign="top" width="88%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Protocolo
                  e Justifica&#231;&#227;o do Incorpora&#231;&#227;o de A&#231;&#245;es (Protocol and Justification of the
                  Share Exchange) between Ultrapar and DPPI, dated November 9,
                  2007</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">12.</font></div>
              </td>
              <td align="left" valign="top" width="88%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Protocolo
                  e Justifica&#231;&#227;o do Incorpora&#231;&#227;o de A&#231;&#245;es (Protocol and Justification of the
                  Share Exchange) between Ultrapar and CBPI, dated November 9,
                  2007</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
      <div>&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><strong>Item
        1</strong></font></div>
      <div>
        <div align="left">&#160;</div>
        <div align="left">
          <table cellpadding="2" cellspacing="0" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

              <tr>
                <td align="left" colspan="3" valign="top" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                </td>
              </tr>
              <tr>
                <td align="left" colspan="3" valign="top" width="100%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><img src="logo01.jpg" alt=""></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>ULTRAPAR
                    PARTICIPA&#199;&#213;ES S.A.</strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Publicly-Held
                    Corporation</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Taxpayer
                    ID [CNPJ/MF] No. 33.256.439/0001-39</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">State
                    Registration [NIRE] No. 35.300.109.724</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                  <div>&#160;</div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="33%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><img src="logo02.jpg" alt=""></div>
                </td>
                <td valign="top" width="34%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><img src="logo02.jpg" alt=""></div>
                </td>
                <td valign="top" width="33%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><img src="logo02.jpg" alt=""></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="33%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>COMPANHIA
                    </strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>BRASILEIRA
                    DE </strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>PETR&#211;LEO
                    IPIRANGA</strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">PUBLICLY-HELD
                      CORPORATION</font></div>
                  </div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Taxpayer
                    ID [CNPJ/MF] No. </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">33.069.766/0001-81</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">State
                    Registration [NIRE] No. </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">33300025111</font></div>
                </td>
                <td valign="top" width="34%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>DISTRIBUIDORA
                    DE </strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>PRODUTOS
                    DE </strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>PETR&#211;LEO
                    S.A.</strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">PUBLICLY-HELD
                      CORPORATION</font></div>
                  </div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Taxpayer
                    ID [CNPJ/MF] No. </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">92.689.256/0001-76</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">State
                    Registration [NIRE] No. </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">43300004821</font></div>
                </td>
                <td valign="top" width="33%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>REFINARIA
                    DE </strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>PETR&#211;LEO
                    IPIRANGA </strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>S.A.</strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">PUBLICLY-HELD
                      CORPORATION</font></div>
                  </div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Taxpayer
                    ID [CNPJ/MF] No. </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">94.845.674/0001-30</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">State
                    Registration [NIRE] No. </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">43300002837</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">RELEVANT
            NOTICE</font></div>
        </div>
        <div><br></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">In
          compliance with the provisions of CVM (Brazilian Securities and Exchange
          Commission) Instructions Nos. 319/99 and 358/02, Ultrapar Participa&#231;&#245;es S.A.
          (&#8220;<u>Ultrapar</u>&#8221;), together with its controlled companies Refinaria de
          Petr&#243;leo Ipiranga S.A. (&#8220;<u>RPI</u>&#8221;), Distribuidora de Produtos de Petr&#243;leo
          Ipiranga S.A. (&#8220;<u>DPPI</u>&#8221;) and Companhia Brasileira de Petr&#243;leo Ipiranga
          (&#8220;<u>CBPI</u>&#8221;) (RPI, DPPI and CBPI are jointly referred to as the &#8220;Ipiranga
          Group&#8221;), inform that they intend to carry out a corporate restructuring, as
          follows:</font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">As
          disclosed by Ultrapar, Petr&#243;leo Brasileiro S.A. &#8211; Petrobras (&#8220;<u>Petrobras</u>&#8221;)
          and Braskem S.A. (&#8220;<u>Braskem</u>&#8221;) in the relevant notices of March 19, 2007,
          April 18, 2007 and April 19, 2007, Ultrapar, on its own behalf and as a
          commission agent for and on behalf of Braskem and Petrobras, purchased
          all of
          the shares in RPI, DPPI and CBPI held by the former controlling shareholders
          of
          the Ipiranga Group.</font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">The
          Ipiranga Group has a complex shareholding structure, consisting of three
          companies engaged in the same sectors, with cross shareholdings, and with
          an
          asymmetrical shareholding structure, to the extent that there are three
          universes of minority shareholders.</font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">This
          shareholding structure compromises the operational, administrative and
          corporate
          efficiency of such companies, and also it does not allow the shareholders
          to
          have interests in a single company that concentrates the liquidity of the
          whole
          shareholding base of the Ipiranga Group with a high corporate governance
          standard and aligned interests.</font></div>
        <div>&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div>&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Ultrapar,
          in the capacity of controlling shareholder of the companies that comprise
          the
          Ipiranga Group, is interested in strengthening such companies and adopting
          measures that assure greater efficiency.</font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">RPI,
          CBPI,
          DPPI and Ultrapar believe that the share exchange is the most adequate
          and
          effective measure to resolve these issues in the interest of all companies,
          to
          the extent that it will simplify the corporate structure of the companies
          comprising the Ipiranga Group, increasing their size and operational freedom,
          and ensuring their strengthening. In view of this, they decided to call
          special
          general meetings for December 18, 2007, at which their shareholders will
          deliberate upon the share exchange of RPI, DPPI and CBPI, as applicable,
          by
          Ultrapar (&#8220;<u>Share Exchange Transactions</u>&#8221;).</font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>OBJECTIVES
          AND COSTS</u>.</font></font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>1.1.
          Objectives</u>.&#160;&#160;The Share Exchange Transactions are aimed at making
          the corporate structure of the Ipiranga Group simpler, and specializing
          and
          developing the businesses of Ipiranga Group. The following objectives are
          planned to be achieved through the Share Exchange Transactions, to the
          benefit
          of the relevant companies and their shareholders:</font></div>
        <div><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td style="WIDTH: 54pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">simplification
                    of the complex corporate structure of the Ipiranga
                    Group;</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td style="WIDTH: 54pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">strengthening
                    of the Ipiranga Group companies by eliminating the complex capital
                    and
                    corporate structure, thus enabling an improved operational and
                    administrative efficiency and a greater capacity to make
                    investments;</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td style="WIDTH: 54pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">specialization
                    and development of the companies that comprise the Ipiranga
                    Group;</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td style="WIDTH: 54pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">alignment
                    of the interests of all shareholders of the
                    companies;</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td style="WIDTH: 54pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">increase
                    in the liquidity of the shares of all companies, to the extent
                    that the
                    shareholder base will be widened through the concentration of
                    all
                    shareholders of the companies in a single company, with shares
                    traded in
                    stock exchanges in Brazil, and in New York through ADRs;
                    and</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td style="WIDTH: 54pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">extension
                    of ULTRAPAR&#8217;s recognized corporate governance standards to all
                    shareholders of RPI, particularly with regard to the 100% tag-along
                    right
                    for preferred shares.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">1.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Costs</u>.
          Ultrapar, RPI, DPPI and CBPI estimate that they will incur costs in the
          Share
          Exchange Transactions of around five million reais (R$&#160;5,000,000.00),
          including expenses </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">related
          to
          publishing, preparation of valuation reports and economic/financial valuations,
          domestic and foreign auditors&#8217;, appraisers&#8217;, consultants&#8217; and attorneys&#8217; fees,
          filings with the SEC and other related expenses.</font></div>
        <div><br></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>BUSINESS
          AND CORPORATE ACTIONS THAT PRECEDED THE SHARE EXCHANGE
          TRANSACTIONS</u>.</font></u></font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">No
          business or corporate actions related to the Share Exchange Transactions
          were
          taken other than those disclosed in this relevant notice and in the relevant
          notices of March 19, 2007, April 18, 2007 and April 19, 2007 referred to
          above.</font></div>
        <div><br></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>NUMBER,
          TYPE AND CLASS OF SHARES TO BE DELIVERED</u>.</font></u></font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">3.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Shares
          To Be Delivered</u>.</font></div>
        <div><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(a)</font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">upon
                    the share exchange by Ultrapar of shares in RPI, 0.79850 preferred
                    share
                    issued by Ultrapar shall be attributed to each one (1) common
                    or preferred
                    share issued by RPI;</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(b)</font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">upon
                    the share exchange by Ultrapar of shares in DPPI, 0.64048 preferred
                    share
                    issued by Ultrapar shall be attributed to each one (1) common
                    or preferred
                    share issued by DPPI; and</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(c)</font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">upon
                    the share exchange by Ultrapar of shares in CBPI, 0.41846 preferred
                    share
                    issued by Ultrapar shall be attributed to each one (1) common
                    or preferred
                    share issued by CBPI.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">3.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Fractions
          of Shares</u>. Fractions of shares issued by Ultrapar resulting from the
          substitution in the position of each shareholder of RPI, DPPI and CBPI
          as a
          result of the Share Exchange Transactions shall be sold in an auction at
          the
          Bolsa de Valores de S&#227;o Paulo &#8211; BOVESPA, and the proceeds resulting from this
          selling will be delivered to the respective shareholder after the financial
          settlement of the shares sold in the auction.</font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">3.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Criteria
          Used to Determine the Exchange Ratios</u>. The exchange ratios set for the Share
          Exchange Transactions were determined based on economic/financial valuations
          of
          the relevant companies according to the same criterion of future profitability
          prospects. For the purposes of setting the exchange ratios, Ultrapar&#8217;s
          management relied upon a valuation prepared by Deutsche Bank (qualified
          in
<u>item 11.1</u>), while the Managements of RPI, DPPI and CBPI relied upon the
          valuation prepared by Credit Suisse (qualified in <u>item 11.1</u>) for the
          purpose of the Share Exchange Transactions. In this regard, see <u>item 6</u>
          below and sub-items thereof.</font></div>
        <div>&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div><br>&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">3.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Reasons
          for the Operation to be Deemed Equitable for the Shareholders</u>. The exchange
          ratio set for the Shareholders is fair and equitable, as demonstrated by
          valuations made by Deutsche Bank and Credit Suisse.</font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>POLITICAL
          AND EQUITY RIGHTS AND ADVANTAGES OF THE SHARES</u>.</font></u></font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">4.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Comparison
          Between the Political and Equity Rights and Advantages of the Shares</u>. The
          political and equity rights and advantages of the shares issued by Ultrapar
          are
          different in certain aspects from the rights and advantages of the shares
          issued
          by RPI, DPPI and CBPI, and it should be highlighted that the shares in
          Ultrapar
          have rights that align the interests of all shareholders, as a reference
          of good
          corporate governance, which are superior to those of the shares in RPI,
          DPPI and
          CBPI, particularly the tag-along right at 100% of the price in the event
          of sale
          of control, as explained below:</font></div>
        <div>&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
          <table cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td align="left" valign="top" width="9%" style="BORDER-TOP: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>Corporation</strong></font></div>
                </td>
                <td align="left" valign="top" width="9%" style="BORDER-TOP: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>Type
                    of Share</strong></font></div>
                </td>
                <td align="left" valign="top" width="6%" style="BORDER-TOP: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>Voting
                    Right</strong></font></div>
                </td>
                <td align="left" valign="top" width="17%" style="BORDER-TOP: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>Profit
                    Sharing/</strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>Priority
                    Upon Liquidation</strong></font></div>
                </td>
                <td align="left" valign="top" width="8%" style="BORDER-TOP: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>Tag-Along*</strong></font></div>
                </td>
                <td align="left" valign="top" width="11%" style="BORDER-TOP: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>Liquidation</strong></font></div>
                  <div>&#160;</div>
                </td>
                <td align="left" valign="top" width="12%" style="BORDER-TOP: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>Share
                    Repayment Amount</strong></font></div>
                </td>
                <td align="left" valign="top" width="15%" style="BORDER-RIGHT: black 2px solid; BORDER-TOP: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>Exclusion
                    of Preemptive Right</strong></font></div>
                </td>
              </tr>
              <tr>
                <td align="left" rowspan="2" valign="top" width="9%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>Ultrapar</strong></font></div>
                </td>
                <td align="left" valign="top" width="9%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Common</font></div>
                </td>
                <td align="left" valign="top" width="6%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Yes</font></div>
                </td>
                <td align="left" valign="top" width="17%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Minimum
                    compulsory dividend of 50% of the adjusted profit.</font></div>
                </td>
                <td align="left" valign="top" width="8%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">100%
                    of the sale price of shares owned by controlling block
                    members.</font></div>
                </td>
                <td align="left" valign="top" width="11%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">It
                    is up to common shareholders to appoint the liquidator.</font></div>
                </td>
                <td align="left" valign="top" width="12%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">The
                    share amount for repayment purposes is set based on the company&#8217;s equity
                    value.</font></div>
                </td>
                <td align="left" valign="top" width="15%" style="BORDER-RIGHT: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Shares,
                    convertible debentures and/or warrants may be issued without
                    preemptive
                    right to former shareholders in the events set forth in art.
                    172 of Law
                    6.404/76.</font></div>
                  <div>&#160;</div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="9%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Preferred</font></div>
                </td>
                <td align="left" valign="top" width="9%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">No</font></div>
                </td>
                <td align="left" valign="top" width="6%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">-
                    Minimum compulsory dividend of 50% of the adjusted profit.</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">-
                    Priority in capital repayment, without premium, in the event
                    of
                    liquidation of the company.</font></div>
                </td>
                <td align="left" valign="top" width="17%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Same
                    as common shares.</font></div>
                </td>
                <td align="left" valign="top" width="8%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">No
                    right to appoint liquidator.</font></div>
                </td>
                <td align="left" valign="top" width="11%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Same
                    as common shares.</font></div>
                </td>
                <td align="left" valign="top" width="12%" style="BORDER-RIGHT: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Same
                    as common shares.</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" rowspan="2" valign="top" width="9%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>RPI,
                    DPPI and CBPI</strong></font></div>
                </td>
                <td align="left" valign="top" width="9%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Common</font></div>
                </td>
                <td align="left" valign="top" width="6%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Yes</font></div>
                </td>
                <td align="left" valign="top" width="17%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">-
                    Minimum compulsory dividend of 30% of the adjusted profit.</font></div>
                </td>
                <td align="left" valign="top" width="8%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">80%
                    of the sale price of voting shares.</font></div>
                </td>
                <td align="left" valign="top" width="11%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">It
                    is up to common shareholders to appoint the liquidator.</font></div>
                </td>
                <td align="left" valign="top" width="12%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">The
                    share amount for repayment purposes is set based on the corporation&#8217;s
                    equity value.</font></div>
                </td>
                <td align="left" valign="top" width="15%" style="BORDER-RIGHT: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Not
                    applicable.</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="9%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Preferred</font></div>
                </td>
                <td align="left" valign="top" width="9%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">No</font></div>
                </td>
                <td align="left" valign="top" width="6%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">-
                    Minimum compulsory dividend of 30% of the adjusted profit and
                    10% above
                    that allocated to common shares, and also, as to CBPI, a priority
                    of 1% of
                    the adjusted net profit.</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">-
                    Priority in capital repayment, without premium, in the event
                    of
                    liquidation of the Corporation.</font></div>
                  <div>&#160;</div>
                </td>
                <td align="left" valign="top" width="17%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">No.</font></div>
                </td>
                <td align="left" valign="top" width="8%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">No
                    right to appoint liquidator.</font></div>
                </td>
                <td align="left" valign="top" width="11%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Same
                    as common shares.</font></div>
                </td>
                <td align="left" valign="top" width="12%" style="BORDER-RIGHT: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Not
                    applicable.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">*
          Tag-along right in the event of sale of control, pursuant to art. 254-A
          of Law
          6.404/76</font></div>
        <div>&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div>&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">4.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Change
          of Rights of Preferred Shareholders</u>. Upon the Share Exchange Transactions,
          the holders of common or preferred shares in RPI, DPPI e CBPI shall then
          hold
          preferred shares in Ultrapar, and their rights will be changed according
          to the
          table above, consistently with the best corporate governance
          practices.</font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">4.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Profit
          Sharing for the Year 2007.</u> The shares to be issued by Ultrapar as a result
          of the Share Exchange Transactions shall be fully entitled to all dividends
          and
          interest on equity capital that may be declared after the issuance
          thereof.</font></div>
        <div><br></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>SHARES
          TO BE RECEIVED BY THE SHAREHOLDERS</u>.</font></u></font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">The
          shareholders of RPI, DPPI and CBPI will receive preferred shares in Ultrapar
          in
          exchange for the shares held thereby, in order to allow for a single class
          of
          preferred shares, with the unification of the whole shareholding base in
          the
          same share in Ultrapar where the liquidity is concentrated and which is
          permitted to be traded in Brazil and in the New York Stock
          Exchange.</font></div>
        <div><br></div>
        <div><br></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>CALCULATION
          OF THE EXCHANGE RATIOS AND SHAREHOLDERS&#8217; EQUITY VALUATION
          CRITERIA</u>.</font></u></font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">6.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Accounting
          Valuation</u>.&#160;&#160;RPI, DPPI and CBPI shares to be exchanged by Ultrapar
          shares were evaluated at the book value, based on the balance sheets of
          said
          companies as of September 30, 2007, audited by KPMG Auditores Independentes
          (&#8220;KPMG&#8221;). Said valuations were prepared by KPMG, and determined the amounts of
          R$769,503,076.33 for the total shares in RPI, R$909,971,402.47 for the
          total
          shares in DPPI, and R$1,839,874,344.03 for the total shares in
          CBPI.</font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">6.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Valuation
          Based on Future Profitability Prospects</u>. As explained in <u>item 3.3</u>,
          Deutsche Bank (qualified in <u>item 11.1</u>) was engaged by Ultrapar to
          evaluate RPI, DPPI, CBPI and Ultrapar based on their future profitability
          prospects. The valuations resulted in the following ranges of values: (a)
          R$51.63 to R$57.06 per share issued by RPI; (b) R$41.11 to R$45.44 per
          share
          issued by DPPI; (c) R$26.97 to R$29.81 per share issued by CBPI; and (d)
          R$64.48
          to R$71.26 per share issued by Ultrapar. Likewise, Credit Suisse (also
          qualified
          in <u>item 11.1</u>) prepared, upon request of RPI&#8217;s, DPPI&#8217;s and CBPI&#8217;s
          management, economic/financial valuations, also based on RPI&#8217;s, DPPI&#8217;s, CBPI&#8217;s
          and Ultrapar&#8217;s future profitability prospects. Credit Suisse&#8217;s valuations
          resulted in the following ranges of values: (a) R$50.90 to R$56.26 per
          share
          issued by RPI; (b) R$42.00 to R$46.42 per share issued by DPPI; (c) R$27.65
          to
          R$30.57 per share issued by CBPI; and (d) R$64.50 to R$71.29 per share
          issued by
          Ultrapar. Based on such valuations, Ultrapar&#8217;s, RPI&#8217;s, DPPI&#8217;s and CBPI&#8217;s
          management set the ratios for exchange of shares in RPI, DPPI and CBPI
          for
          shares in Ultrapar, as set forth in <u>item 3.1</u>.</font></div>
        <div>&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div>&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">6.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Valuation
          of the Shareholders&#8217; Equity at Market Value</u>. For the purposes of article 264
          of Law 6.404/76, the shareholders&#8217; equities of Ultrapar, RPI, DPPI and CBPI were
          valuated at market value, following the same criteria and as of the same
          date,
          September 30, 2007, by APSIS, a specialized company qualified in <u>item
          11.1</u>.</font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
          6.3.1&#160;&#160;<u>Exchange Ratios based on Shareholders&#8217; Equity Values at
          Market Value</u>. APSIS&#8217; valuation reports resulted in the following exchange
          rates: (a) 0.722591 share in Ultrapar for each one (1) share in RPI; (b)
          0.644359 share in Ultrapar for each one (1) share in DPPI; and (c) 0.409277
          share in Ultrapar for each one (1) share in CBPI.</font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">6.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Treatment
          of Subsequent Equity Variations</u>. The base date of the Share
          Exchange&#160;&#160;Transactions is September 30, 2007. Equity variations
          occurring after said date until the date of the completion of the Share
          Exchange
          Transactions shall be accounted for in Ultrapar by&#160;&#160;equity in earnings
          of affiliated.</font></div>
        <div><br></div>
        <div><br></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>SOLUTION
          REGARDING SHARES IN THE CAPITAL OF A COMPANY HELD BY THE
          OTHER</u>.</font></u></font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">As
          of this
          date, there are no shares issued by Ultrapar that are held by RPI, DPPI
          or CBPI.
          The shares that Ultrapar will hold in RPI, DPPI and CBPI as a result
          of&#160;&#160;the Share Exchange Transactions shall continue to be held by
          Ultrapar. Eventual reciprocal interests, if any, that may result from the
          Share
          Exchange Transactions shall be eliminated within the legal period, pursuant
          to
          art. 224, paragraph 5, of the Brazilian Corporation Act.</font></div>
        <div><br></div>
        <div><br></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>ULTRAPAR&#8217;S
          CAPITAL STOCK COMPOSITION AND CORPORATE STRUCTURE AFTER THE SHARE EXCHANGE
          TRANSACTIONS</u>.</font></u></font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">8.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Ultrapar&#8217;s
          Capital Stock Composition</u>. Ultrapar&#8217;s subscribed capital stock is currently
          represented by 81,325,409 registered shares without par value, of which
          49,429,897 are common shares and 31,895,512 are preferred shares, in the
          total
          amount of nine hundred and forty-six million thirty-four thousand six hundred
          and sixty-two reais and ninety-seven cents (R$&#160;946,034,662.97), and the
          following changes may occur as a result of the Share Exchange Transactions
          assuming that the right of withdrawal is not exercised:</font></div>
        <div><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(a)</font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">exclusively
                    with the RPI&#8217;s Share Exchange Transaction, Ultrapar&#8217;s subscribed capital
                    stock would be R$&#160;1,654,973,814.40, represented by 49,429,897 common
                    shares and 46,011,214 preferred
                    shares;</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div><br>&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(b)</font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">exclusively
                    with the DPPI&#8217;s Share Exchange Transaction, Ultrapar&#8217;s subscribed capital
                    stock would be R$&#160;1,541,849,759.76, represented by 49,429,897 common
                    shares and 43,758,798 preferred shares;
                    and</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(c)</font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">exclusively
                    with the CBPI&#8217;s Share Exchange Transaction, Ultrapar&#8217;s subscribed capital
                    stock would be R$&#160;2,388,751,309.05, represented by 49,429,897 common
                    shares and 60,621,472 preferred
                    shares.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">With
          the
          Share Exchange Transactions, Ultrapar&#8217;s total capital stock would be
          R$&#160;3,693,505,560.28, represented by 136,030,357 registered shares without
          par value, of which 49,429,897 would be common shares and 86,600,460 would
          be
          preferred shares.</font></div>
        <div><br></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>AMOUNT
          TO BE PAID FOR THE APPRAISAL RIGHTS</u>.</font></u></font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">9.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Appraisal
          Rights</u>. As explained below, the shareholders (a) of Ultrapar and RPI holding
          common or preferred shares, with regard to the RPI&#8217;s Share Exchange Transaction,
          (b) of Ultrapar and DPPI holding common or preferred shares, with regard
          to the
          DPPI&#8217;s Share Exchange Transaction, and (c) of Ultrapar holding common or
          preferred shares, and of CBPI holding common shares, with regard to the
          CBPI&#8217;s
          Share Exchange Transaction, that dissent from or abstain on resolutions
          that may
          result in appraisal rigths, or who fail to attend the relevant Special
          General
          Meeting, shall be assured appraisal right upon notice to such effect within
          thirty (30) days counted from the date of publication of the minutes of
          the
          respective Special Shareholders Meeting that approves the corporate transaction
          that is the cause of the appraisal right. The respective amount to be paid
          for
          the appraisal right shall depend on the accomplishment of the transaction,
          as
          set forth in article 230 of Law 6.404/76, and the payment thereof shall
          be made
          by the respective company up to the third business day next following the
          date
          of completion of the respective transaction. The appraisal rights shall
          only be
          assured to the shareholder that, as of March 16, 2007, the last day prior
          to the
          date of publication of the relevant fact of March 19, 2007, is proven to
          be the
          owner of the shares regarding which the appraisal rights were exercised,
          pursuant to art. 137, paragraph 1, of Law 6.404/76.</font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">9.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Amount
          to be paid. The dissenting shareholders shall be entitled to repayment
          of their
          shares according to the last balance sheet approved.</font></div>
        <div><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td align="left" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(a)</font></div>
                </td>
                <td align="left">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Ultrapar&#8217;s
                    dissenting shareholders shall be entitled to repayment of their
                    shares at
                    the amount of twenty-three reais and eighty-six cents (R$&#160;23.86) per
                    share, according to the last balance sheet approved, that is,
                    as of
                    December 31, 2006;</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td align="left" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(b)</font></div>
                </td>
                <td align="left">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">RPI&#8217;s
                    dissenting shareholders shall be entitled to repayment of their
                    shares at
                    the amount of nineteen reais and fifty cents (R$&#160;19.50) per share,
                    according to the last balance sheet approved, that is, as of
                    December 31,
                    2006;</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td align="left" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(c)</font></div>
                </td>
                <td align="left">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">DPPI&#8217;s
                    dissenting shareholders shall be entitled to repayment of their
                    shares at
                    the </font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div>
          <div><br></div>
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                <tr valign="top" style="LINE-HEIGHT: 1.25;">
                  <td align="left" style="WIDTH: 36pt">
                    <div>&#160;</div>
                  </td>
                  <td align="left">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">amount
                      of twenty-five reais and thirteen cents (R$&#160;25.13) per share,
                      according to the last balance sheet approved, that is, as of
                      December 31,
                      2006;</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div>&#160;</div>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td align="left" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(d)</font></div>
                </td>
                <td align="left">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">CBPI&#8217;s
                    dissenting common shareholders shall be entitled to repayment
                    of their
                    shares at the amount of fourteen reais and sixty-eight cents
                    (R$&#160;14.68) per share, according to the last balance sheet approved,
                    that is, as of December 31, 2006.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 28pt;"></font>&#160;
          9.2.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pursuant to article 264, par. 3
          of Law 6.404/76, DPPI&#8217;s shareholders may choose to have their shares repaid
          based on the shareholders&#8217; equity amount at market value of such company, which
          is thirty-three reais and fifty-five cents (R$&#160;33.55) per share, according
          to the Market Value Shareholders&#8217; Equity Report.</font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 28pt;"></font>&#160;
9.2.2.&#160;&#160;&#160;
          &#160;&#160;&#160;&#160;The dissenting shareholders may, upon the exercise of
          the appraisal rights, request a special balance sheet for the company,
          according
          to the provisions of article 45, par. 2 of the Brazilian Corporation
          Act.&#160;&#160;In such event, after the expiration of the period determined for
          the Share Exchange Transactions to be reconsidered, pursuant to article
          137,
          par. 3, of the Brazilian Corporation Act, the shareholder will receive
          80% of
          the amount to be paid for the appraisal rights, and the balance, if any,
          shall
          be paid within one hundred and twenty (120) days counted from the date
          of the
          resolution by the Special Shareholders Meeting.</font></div>
        <div><br></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>UNDISCLOSED
          LIABILITIES</u>.</font></u></font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">No
          relevant liabilities not disclosed in the balance sheets of RIP, DPPI and
          CBPI
          are known.</font></div>
        <div><br></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>SPECIALIZED
          COMPANIES INVOLVED</u>.</font></u></font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.1.&#160;&#160;&#160;&#160;&#160;&#160;<u>Identification
          of the Specialized Companies Involved</u>.</font></div>
        <div><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(a)</font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Valuation
                    of Shareholders&#8217; Equity at Book Value: KPMG Auditores Independentes, a
                    company with its headquarter at Rua Dr. Renato Paes de Barros,
                    33, 14&#186;
                    andar, S&#227;o Paulo, SP, registered with the Brazilian Roll of Corporate
                    Taxpayers of the Ministry of Finance under No. 57.755.217/0001-29
                    (&#8220;KPMG&#8221;);</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(b)</font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>Valuation
                    of the Shareholders&#8217; Equity at Market Value</u>: Apsis Consultoria
                    Empresarial S/C Ltda., a company with its headquarter at Rua
                    S&#227;o Jos&#233; 90,
                    grupo 1.802, in the capital of the State of Rio de Janeiro, registered
                    with the Brazilian Roll of Corporate Taxpayers of the Ministry
                    of Finance
                    under No. 27.281.922/0001-70
                    (&#8220;<u>APSIS</u>&#8221;);</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(c)</font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>Economic/Financial
                    Appraisal of Ultrapar, RIPI, DPPI and
                    CBPI</u>:</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div>&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(c.1)
          <u>Company Engaged by Ultrapar</u>: Deutsche Bank Securities, Inc., a company
          with its headquarter at 60, Wall Street, New York, NY, United States of
          America
          (&#8220;<u>Deutsche Bank</u>&#8221;); and</font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(c.2)
          <u>Company Engaged by RPI, DPPI and CBPI</u>: Banco de Investimentos Credit
          Suisse (Brazil) S.A., a company with its headquarter at Avenida Brigadeiro
          Faria
          Lima, 3064, 13&#186; andar, S&#227;o Paulo, SP, registered with the Brazilian Roll of
          Corporate Taxpayers of the Ministry of Finance under No. 33.987.793/0001-33
          (&#8220;Credit Suisse&#8221;).</font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.2.&#160;&#160;&#160;&#160;&#160;&#160;<u>Declaration
          of No Conflicts of Interest</u>. KPMG, APSIS, Deustche Bank and Credit Suisse,
          which are responsible for the valuation reports and the economic/financial
          valuations, hereby declare not to have any conflict of or common interests,
          whether actually or potentially, with RPI, DPPI, CBPI, Ultrapar or any
          minority
          shareholders, or with regard to the Share Exchange Transactions.</font></div>
        <div><br></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>APPROVAL
          BY REGULATORY AUTHORITIES</u>.</font></u></font></div>
        <div><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td align="left" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">12.1.</font></div>
                </td>
                <td align="left">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>Registration
                    with the SEC</u>. The Share Exchange Transactions and the respective issue
                    of new shares by Ultrapar are subject to the respective registration
                    with
                    the United States Securities and Exchange
                    Commission.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">12.2.</font>&#160;&#160;&#160;&#160;&#160;&#160;
          <font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>CADE</u>.
          The transaction of acquisition of the Ipiranga Group, including the phase
          of the
          Share Exchange Transactions, was reported to the Brazilian Administrative
          Council for Economic Defense &#8211; CADE.</font></div>
        <div><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td align="left" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">12.3.</font></div>
                </td>
                <td align="left">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Any
                    other communications required with regard to the Share Exchange
                    Transactions shall be submitted to the competent governmental
                    authorities,
                    according to the applicable laws.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>OTHER
          CONDITIONS FOR THE SHARE EXCHANGE TRANSACTIONS</u>.</font></u></font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">13.1.&#160;&#160;&#160;&#160;&#160;&#160;<u>Trading
          on Bovespa</u>. As a result of the practices established by the S&#227;o Paulo Stock
          Exchange &#8211; Bovespa, Ultrapar shares issued within the context of the Share
          Incorporation Transactions will be traded under ticker symbol RPI, DPPI
          and CBPI
          until the Share&#160;Exchange Transactions are ratified by the management of
          Ultrapar, RPI, DPPI and CBPI, after the expiration of the period for exercise
          of
          the right of withdrawal, or after the period of ten (10) days set forth
          in
          article 137, par. 3 of Law 6.404/76 has expired without a new meeting being
          called.</font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">13.2.&#160;&#160;&#160;&#160;&#160;&#160;<u>Future
          Business Plans</u>. Ultrapar is planning significant investments in the
          following years in order to promote the growth of its business, based on
          investments in differentiated </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">products,
          access to competitive raw materials and increase of the operational leverage. At
          Oxiteno, ongoing expansion projects of over US$ 320 million, including
          the first
          fatty alcohol production unit in Latin America and a 40% increase in the
          production capacity of ethylene oxide and other specialty chemicals, will
          enable
          increased sales volumes and a growing operational leverage. Additionally,
          Oxiteno will continue its internalization process, particularly strengthening
          its leadership in the Americas whether by opening commercial offices or
          through
          acquisitions. At Ultragaz we have planned to invest R$ 50 million to strengthen
          our position in Brazil&#8217;s North and Northeast, selling LPG in certain states
          where the potential market growth is above the country&#8217;s average. At Ultracargo
          we will invest about R$ 110 million between 2008-09 to expand its current
          liquid
          storage capacity by 35% due to the increase in the demand for logistics
          infrastructure in Brazil, which is related mainly to biofuels and the foreign
          trade flow. At Ipiranga we will continue to implement our business plan,
          which
          is based on enhancing the investment capacity and significantly increasing
          volumes, thus generating a growing operational leverage.</font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">In
          the
          event that the Share Exchange Transactions are approved and, after the
          expiration of the legal period, RPI&#8217;s, DPPI&#8217;s, CBPI&#8217;s and Ultrapar&#8217;s
          shareholders, as applicable, do not reconsider the Share Exchange Transactions,
          it is expected that: (a) a capital reduction will be performed at RPI and
          CBPI
          in order to transfer directly to Ultrapar the petrochemical assets, represented
          by shares in Ipiranga Qu&#237;mica S.A., to be subsequently delivered to Braskem and
          Petrobras pursuant to the Investment Agreement; and (b) CBPI will be split
          in
          order to transfer the fuel and lubricant distribution businesses located
          in the
          Northern, Northeastern and Midwestern regions to a company controlled by
          Petrobras.</font></div>
        <div><br>&#160;</div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>SHARE
          EXCHANGE TRANSACTION DOCUMENTS.</u></font></u></font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">14.1.&#160;&#160;&#160;&#160;&#160;&#160;<u>Available
          Documents</u>. The Share Exchange Transaction Documents (such as protocols and
          justifications, reports and others) are available at the websites of Ultrapar
          (<u>www.ultra.com.br</u>), RPI, DPPI and CBPI (<u>www.ipiranga.com.br</u>).
          Copies of such materials will also be made available at the websites of
          CVM
          (<u>www.cvm.gov.br</u>) and the S&#227;o Paulo Stock Exchange
          (<u>www.bovespa.com.br</u>) as of this date. Any shareholder that wants to
          consult and examine the documents at the headquarters of Ultrapar, RPI,
          DPPI or
          CBPI shall schedule a visit date and time with the respective Investor
          Relations
          department of Ultrapar (telephone (55 11 3177 7014), RPI (telephone 55
          53 3233
          8061), DPPI (telephone 55 51 3216 4391) or CBPI (telephone 55 21 2574
          5308).</font></div>
        <div><br></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">S&#227;o
          Paulo,
          November 12, 2007</font></div>
        <div align="left">
          <table cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td valign="middle" width="100%">
                  <div>&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Andr&#233;
                    Covre</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Chief
                    Financial and Investor Relations Officer</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>Ultrapar
                    Participa&#231;&#245;es S.A.</strong></font></div>
                  <div>&#160;</div>
                </td>
              </tr>

          </table>
        </div>
        <div>&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
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            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div><br>&#160;</div>
        <div align="left">
          <table cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td valign="middle" width="33%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Sergio
                    Roberto Weyne </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Ferreira
                    da Costa</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Investor
                    Relations </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Director</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>Refinaria
                    de Petr&#243;leo </strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>Ipiranga
                    S.A.</strong></font></div>
                </td>
                <td valign="middle" width="34%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Sergio
                    Roberto Weyne </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Ferreira
                    da Costa</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Investor
                    Relations </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Director</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>Distribuidora
                    de Produtos </strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>de
                    Petr&#243;leo Ipiranga S.A.</strong></font></div>
                </td>
                <td valign="middle" width="33%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Sergio
                    Roberto Weyne </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Ferreira
                    da Costa</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Investor
                    Relations </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Director</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>Companhia
                    Brasileira de </strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;"><strong>Petr&#243;leo
                    Ipiranga</strong></font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
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          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
          <div>&#160;</div>
          <div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><strong>Item
                  2</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">(Minutes
                of a Meeting of the Ultrapar Participa&#231;&#245;es S.A., of 12.11.2007<font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">)</font></font></div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">ULTRAPAR
              PARTICIPA&#199;&#213;ES S.A.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">NIRE
              35.300.109.724 - CNPJ/MF 33.256.439/0001-39</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Publicly-Traded
              Company</font></div>
            <div><br></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Minutes
              of
              a Meeting of the Board of Directors (12/2007)</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Held
              on
              November 12, 2007</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Date,
              Time and Location. Held on November 12, 2007 at 9 a.m. at the company
              headquarters, of Ultrapar Participa&#231;&#245;es S.A. (&#8220;<u>ULTRAPAR</u>&#8221;), located at
              Avenida Brigadeiro Luiz Antonio, 1343, 9&#186; andar, in the City of S&#227;o Paulo, in
              the State of S&#227;o Paulo.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Convening
              and Presence. Duly convened and assembled with the presence of (including
              participants by telephone) Mrs. Paulo Guilherme Aguiar Cunha, Lucio
              de Castro
              Andrade Filho, Ana Maria Levy Villela Igel, Renato Ochman, Nildemar
              Secches,
              Paulo Vieira Belotti and Olavo Egydio Monteiro de Carvalho, members
              of the Board
              of Directors of ULTRAPAR, in accordance with Articles 9 and 10 of ULTRAPAR'S
              bylaws. Present also, under the terms of Article 163, &#167;3&#186; of Law N&#186; 6.404/76,
              were members of the Fiscal Council of ULTRAPAR, Mrs. Flavio C&#233;sar Maia Luz,
              Mario Probst, Raul Murgel Braga, Wolfgang Eberhard Rohrbach and John
              Michael
              Streithorst and executive officers of ULTRAPAR, Srs. Pedro Wongtschowski
              and
              Andr&#233; Covre.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Presiding
              at the Board. Paulo Guilherme Aguiar Cunha - Chairman and Lucio de
              Castro
              Andrade Filho&#160;&#160;- Secretary.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><font style="DISPLAY: inline; FONT-SIZE: 9pt;">4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 9pt;">Deliberated
              Matters.</font><font style="DISPLAY: inline; FONT-SIZE: 9pt;">&#160;&#160;The Presiding
              Chairman
              announced that the object of the meeting was to deliberate on the exchange
              of
              shares issued by Refinaria de Petr&#243;leo Ipiranga S.A. (&#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt;"><u>RPI</u></font><font style="DISPLAY: inline; FONT-SIZE: 9pt;">&#8221;),
              by Distribuidora de Produtos de
              Petr&#243;leo Ipiranga S.A. (&#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt;"><u>DPPI</u></font><font style="DISPLAY: inline; FONT-SIZE: 9pt;">&#8221;)
              and by Companhia Brasileira de
              Petr&#243;leo Ipiranga (&#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt;"><u>CBPI</u></font><font style="DISPLAY: inline; FONT-SIZE: 9pt;">&#8221;)
              by ULTRAPAR (&#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt;"><u>Share Exchange</u></font><font style="DISPLAY: inline; FONT-SIZE: 9pt;">&#8221;).
              The members of the Board of
              Directors recognized that the Share Exchange is of the interest of
              ULTRAPAR and
              its shareholders, in order to simplify the corporate structure of the
              </font><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000;">Ipiranga
              Group, concentrating all the shareholders into one publicly-traded
              company,
              allowing an alignment of all the shareholders' interests, increasing
              the market
              capitalization and share liquidity of </font><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000;">ULTRAPAR
              and the
              participation of the shareholders of </font><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000;">RPI,
              DPPI and CBPI in a
              company that is recognized for its high standards of corporate governance.
              After
              the presentation of the necessary clarifications by the Executive Officers,
              and
              receiving a favourable opinion from the Fiscal Council for the Share
              Exchange,
              the members of the Board of Directors examined and discussed the documents
              presented by the directors including the &#8220;Protocol and Justification for the
              Exchange of Share issued by Refinaria de Petr&#243;leo Ipiranga S.A. by Ultrapar
              Participa&#231;&#245;es S.A.&#8221;, the &#8220;Protocol and Justification for the Exchange of Shares
              issued by Distribuidora de Produtos de Petr&#243;leo Ipiranga S.A. by Ultrapar
              Participa&#231;&#245;es S.A.&#8221;, the &#8220;Protocol and Justification for the Exchange of Shares
              issued by Companhia Brasileira de Petr&#243;leo Ipiranga by Ultrapar
              Participa&#231;&#245;es</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000;">
              S.A.</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000;">&#8221;
and
              the documents
              referring to therein. In particular, considering the position of certain
              minority shareholders with regard to the intended Share Exchange, they
              carefully
              examined and discussed the reports prepared by </font><font style="DISPLAY: inline; COLOR: #000000;">Deutsche Bank
              and Credit Suisse
              according to which RPI, DPPI, CBPI and ULTRAPAR were evaluated in order
              to
              establish the exchange ratio between the shares of RPI, DPPI, CBPI
              and ULTRAPAR.
              Based on this examination and discussion, the board members concluded
              that, in
              their best judgement, such reports were prepared according to
</font></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
              </div>
              <div>&#160;</div>
              <div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">(Minutes
                  of a Meeting of the Ultrapar Participa&#231;&#245;es S.A., of 12.11.2007<font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">)</font></font></div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><font style="DISPLAY: inline; COLOR: #000000;">the
              concepts and assumptions which these
              banks used freely and independently in the exercising of their tasks.
              Thus,
              exercising their fiduciary duty in the fulfilment of their responsibilities,
              under the terms of articles 153, 154 and 155 of Law N&#186; 6.404/76, and having
              verified that the documents referred to below and the Share Exchange
              conform to
              legal and statutory requirements, decided to submit the proposal for
              the Share
              Exchange to the shareholders of </font>ULTRAPAR under the terms and conditions
              of the &#8220;Protocol and Justification for the Exchange of Shares issued by
              Refinaria de Petr&#243;leo Ipiranga S.A. by Ultrapar Participa&#231;&#245;es S.A.&#8221;, and its
              annexes, signed by the executive boards of RPI and ULTRAPAR on November
              9, 2007,
              of the &#8220;Protocol and Justification for the Exchange of Shares issued by
              Distribuidora de Produtos de Petr&#243;leo Ipiranga S.A. by Ultrapar Participa&#231;&#245;es
              S.A.&#8221;, and its annexes, signed by the executive boards of DPPI and ULTRAPAR
              on
              November 9, 2007 and the &#8220;Protocol and Justification for the Exchange of Shares
              issued by Companhia Brasileira de Petr&#243;leo Ipiranga by Ultrapar Participa&#231;&#245;es
              S.A.&#8221;, and its annexes, signed by the executive boards of CBPI and ULTRAPAR
              on
              November 9, 2007. <font style="DISPLAY: inline; FONT-SIZE: 9pt;">The Board of
              Directors authorised the Executive Officers to provide the publication
              of the
              Convening Notice for the convening of an Extraordinary Shareholders
              Meeting to
              deliberate on the Share Exchange, as well as practice all the necessary
              acts to
              implement these operation</font>.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Quorum
              for deliberations: All the deliberations above were voted on and approved
              in
              their entirety by all the members present, except for Renato Ochman,
              who
              abstained from voting.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Closing
              of the Meeting.&#160;&#160;The Presiding Chairman, having offered the
              opportunity for any party to pronounce, none having done, declared
              the meeting
              closed, the minutes of which being duly transcript, read and approved
              by all
              those present undersigned.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">S&#227;o
              Paulo,
              November 12, 2007</font></div>
            <div><br></div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="top" width="42%" style="BORDER-BOTTOM: black 2px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">/s/
                          Paulo Guilherme Aguiar Cunha</font></div>
                      </div>
                    </td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td valign="top" width="42%" style="BORDER-BOTTOM: black 2px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">/s/
                          Lucio de Castro Andrade Filho</font></div>
                      </div>
                    </td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="justify" valign="top" width="42%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Paulo
                        Guilherme Aguiar Cunha</font></div>
                    </td>
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                  <tr>
                    <td valign="top" width="42%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td valign="top" width="42%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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                  <tr>
                    <td valign="top" width="42%" style="BORDER-BOTTOM: black 2px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">
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                          Ana Maria Levy Villela Igel</font></div>
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                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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                  <tr>
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                  <tr>
                    <td valign="top" width="42%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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                  <tr>
                    <td valign="top" width="42%" style="BORDER-BOTTOM: black 2px solid">
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                          Nildemar Secches</font></div>
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                          Paulo Vieira Belotti</font></div>
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                  <tr>
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                  <tr>
                    <td valign="top" width="42%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td valign="top" width="42%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="top" width="42%" style="BORDER-BOTTOM: black 2px solid">
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                          Olavo Egydio Monteiro de Carvalho</font></div>
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                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td valign="top" width="42%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="justify" valign="top" width="42%">
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                        Egydio Monteiro de Carvalho</font></div>
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                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td valign="top" width="42%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
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                </div>
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              <div id="HDR">
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              <div>&#160;</div>
              <div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">(Minutes
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            <div><br></div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="top" width="42%" style="BORDER-BOTTOM: black 2px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">
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                          Flavio C&#233;sar Maia Luz</font></div>
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                    </td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td valign="top" width="42%" style="BORDER-BOTTOM: black 2px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">
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                          John Michael Streithorst</font></div>
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                    </td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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                  <tr>
                    <td align="justify" valign="top" width="42%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Flavio
                        C&#233;sar Maia Luz</font></div>
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                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="top" width="42%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td valign="top" width="42%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="top" width="42%" style="BORDER-BOTTOM: black 2px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">/s/
                          Mario Probst</font></div>
                      </div>
                    </td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td valign="top" width="42%" style="BORDER-BOTTOM: black 2px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">/s/
                          Raul Murgel Braga</font></div>
                      </div>
                    </td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="justify" valign="top" width="42%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Mario
                        Probst</font></div>
                    </td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td align="justify" valign="top" width="42%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Raul
                        Murgel Braga</font></div>
                    </td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="top" width="42%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td valign="top" width="42%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="top" width="42%" style="BORDER-BOTTOM: black 2px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">/s/
                          Wolfgang Eberhard Rohrbach</font></div>
                      </div>
                    </td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td valign="top" width="42%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="justify" valign="top" width="42%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Olavo
                        Egydio Monteiro de Carvalho</font></div>
                    </td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td valign="top" width="42%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div><br></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Executive
              Officers of the Company</font></div>
            <div><br></div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="top" width="42%" style="BORDER-BOTTOM: black 2px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">/s/
                          Pedro Wongtschowski</font></div>
                      </div>
                    </td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td valign="top" width="42%" style="BORDER-BOTTOM: black 2px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">/s/
                          Andr&#233; Covre</font></div>
                      </div>
                    </td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="justify" valign="top" width="42%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Pedro
                        Wongtschowski</font></div>
                    </td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td align="justify" valign="top" width="42%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Andr&#233;
                        Covre</font></div>
                    </td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="top" width="42%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td valign="top" width="42%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                    <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
              </div>
              <div>&#160;</div>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><strong><font size="2">Item
                3</font></strong></div>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">REFINARIA
                  DE PETR&#211;LEO IPIRANGA S.A.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">NIRE
                  43300002837 - CNPJ/MF 94.845.674/0001-30</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Publicly-Traded
                  Company</font></div>
                <div><br></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Minutes
                  of
                  a Meeting of the Board of Directors</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Held
                  on
                  November 12, 2007</font></div>
                <div><br></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Date,
                  Time and Location. Held on November 12, 2007 at 5 p.m. at Rua Antonio
                  Carlos, N&#186;
434, in the City of S&#227;o Paulo, in the State of S&#227;o Paulo.</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Convening
                  and Presence. Duly convened and assembled, with the presence of
                  (including
                  participants by telephone) Mrs. Jo&#227;o Adolfo Oderich, Flavio do Couto Bezerra
                  Cavalcanti, Eduardo de Toledo, Francisco Pais, Carlos Jos&#233; Fadigas, Roberto
                  Pontes Lopes Sim&#245;es and Jos&#233; Afonso Alves Castanheira, Members of the Board of
                  Directors of Refinaria de Petr&#243;leo Ipiranga S.A. (&#8220;<u>RPI</u>&#8221;), in accordance
                  with Articles 9 and 10 of the company bylaws of RPI. Present also,
                  under the
                  terms of Article 163, &#167;3&#186; of Law N&#186; 6.404/76, were members of the Fiscal Council
                  of RPI, Mrs. Roberto Kutschat Neto, S&#233;rvio T&#250;lio da Rosa Tinoco and Ricardo
                  Magalh&#227;es Gomes, the executive officers of RPI, Mr. Sergio Roberto Weyne
                  Ferreira da Costa, and representatives of KPMG Independent Auditors
                  (&#8220;<u>KPMG</u>&#8221;), Banco de Investimentos Credit Suisse (Brasil) S.A. (&#8220;<u>Credit
                  Suisse</u>&#8221;) and Apsis Consultoria Empresarial S/C Ltda. (&#8220;<u>Apsis</u>&#8221;), Srs.
                  Alexandre Heinerman, Marco Gon&#231;alves and Luiz Paulo C&#233;sar Silveira,
                  respectively.</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Presiding
                  at the Board. Jo&#227;o Adolfo Oderich - Chairman and Eduardo de Toledo -
                  Secretary.</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Deliberated
                  matters. The Presiding Chairman announced that the object of the
                  meeting was to
                  deliberate on the exchange of the shares issued by RPI by Ultrapar
                  Participa&#231;&#245;es
                  S.A. (&#8220;<u>ULTRAPAR</u>&#8221;) (&#8220;<u>Share Exchange</u>&#8221;). The members of the Board of
                  Directors recognized that the Share Exchange is of the interest
                  of RPI, which
                  will be strengthen together with the other companies in the Ipiranga
                  group, and
                  their shareholders, in order to simplify the corporate structure
                  of the Ipiranga
                  Group, concentrating all the shareholders into one publicly-traded
                  company,
                  allowing an alignment of all the shareholders' interests, increasing
                  market
                  capitalization and share liquidity and participating in a company
                  recognized for
                  its high standards of corporate governance<font style="DISPLAY: inline; COLOR: #000000;">. After the presentation
                  of all the
                  necessary clarifications by the Executive Officers, members of
                  the Board of
                  Directors examined and discussed all documents sent by the officers,
                  including
                  the </font>&#8220;Protocol and Justification for the Exchange of Shares Issued
                  by
                  Refinaria de Petr&#243;leo Ipiranga S.A. by Ultrapar Participa&#231;&#245;es S.A.&#8221; and the
                  documents referred to therein. In particular, considering the position
                  of
                  certain minority shareholders regarding the intended Share Exchange,
                  they
                  carefully examined and discussed the results of the valuation reports
                  prepared
                  by Deutsche Bank Securities Inc. (&#8220;Deutsche Bank&#8221;) and Credit Suisse according
                  to which RPI and ULTRAPAR were evaluated in order to establish
                  the exchange
                  ratio between the shares of RPI and ULTRAPAR. Although the members
                  of the Board
                  had previously discussed with Credit Suisse, they requested additional
                  clarifications to Credit </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    </div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Suisse
                  representatives related to the final version of the document. <font style="DISPLAY: inline; COLOR: #000000;">Subsequently, the
                  members of the Board
                  inquired the representatives of Credit Suisse, Apsis and KPMG if
                  they, as
                  specialists on this subject, considered all the pertinent legal
                  requirements on
                  the elaboration of their respective valuation reports, in particular
                  Brazilian
                  Corporate Law, regulations of the CVM (Brazilian Securities and
                  Exchange
                  Commission) and generally accepted accounting practices, to which
                  the
                  representatives of the three companies each individually confirmed
                  the complete
                  conformity of their respective valuation reports to the legal precepts
                  applicable, with the representatives of Credit Suisse in addition
                  confirming,
                  based on the valuation reports that they prepared, that the
                  exchange&#160;&#160;ratio offered for the Share Exchange is adequate</font>.
<font style="DISPLAY: inline; COLOR: #000000;">Based on
                  this examination and
                  discussion and considering the discussion at the meeting of the
                  Board of
                  Directors on November 6, 2007, during which the representatives
                  of Credit Suisse
                  answered to queries and clarified questionsof the members present,
                  in accordance
                  with the minutes of such meeting, the members concluded, in their
                  best
                  judgement, that these valuation reports were prepared according
                  to the concepts
                  and assumptions which these banks used freely and independently
                  in the
                  exercising of their tasks</font>. <font style="DISPLAY: inline; COLOR: #000000;">Thus, exercising
                  their fiduciary duty in
                  the fulfilment of their responsibilities, under the terms of articles
                  153, 154
                  and 155 of Law N&#186; 6.404/76, and having verified that the documents referred to
                  below and the Share Exchange conform to legal and statutory requirements,
                  decided to submit the proposal for the Share Exchange to the approval
                  of the
                  Shareholders of RPI</font>, under the terms and conditions of the &#8220;Protocol and
                  Justification for the Exchange of&#160;&#160;Shares issued by Refinaria de
                  Petr&#243;leo Ipiranga S.A. by Ultrapar Participa&#231;&#245;es S.A.&#8221;, and its annexes, signed
                  by the executive officers of RPI and ULTRAPAR on November 9, 2007.
                  The Board of
                  Directors authorised the Executive Officers to provide the publication
                  of the
                  Convening Notice for the convening of an Extraordinary Shareholders
                  Meeting to
                  deliberate on the Share Exchange, as well as practice all the necessary
                  acts to
                  implement these operation. The Board of Officers deliberated, in
                  reason
                  of&#160;&#160;the previous deliberations, to convene the Special Shareholders
                  Meeting to deliberate and approve the intended Share Exchange,
                  for December 18,
                  2007.</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Quorum
                  for deliberations: All the deliberations above were voted on and
                  approved
                  unanimously.</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Closing
                  of the meeting. The presiding chairman, having offered the opportunity
                  for any
                  party to pronounce, none having done, declared the meeting closed,
                  the minutes
                  of which being duly transcript, read and approved by all those
                  present
                  undersigned.</font></div>
                <div><br></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">S&#227;o
                  Paulo,
                  November 12, 2007.</font></div>
                <div><br></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Compared
                  with original</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">in
                  registry book.</font></div>
                <div><br></div>
                <div><br></div>
                <div align="left">
                  <table cellpadding="0" cellspacing="0" width="100%">

                      <tr>
                        <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                        <td valign="top" width="60%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Eduardo
                            de Toledo</font></div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                        <td valign="top" width="60%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Secretary</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
              <div>&#160;</div>
              <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div id="FTR">
                  <div id="GLFTR" style="WIDTH: 100%" align="left">
                  </div>
                </div>
                <div id="PN" style="PAGE-BREAK-AFTER: always">
                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  </div>
                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <hr style="COLOR: black" noshade size="2">
                  </div>
                </div>
                <div id="HDR">
                  <div id="GLHDR" style="WIDTH: 100%" align="right">
                  </div>
                </div>
                <div>&#160;</div>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><strong><font size="2">Item
                  4</font></strong></div>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">DISTRIBUIDORA
                    DE PRODUTOS DE PETR&#211;LEO IPIRANGA S.A.</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">NIRE
                    43.3.00004821 - CNPJ/MF 92.689.256/0001-76</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Publicly
                    Traded Company</font></div>
                  <div><br></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Minutes
                    of
                    a meeting of the Board of Directors</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Held
                    on
                    November 12, 2007</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Date,
                    Time and Location. Held on November 12, 2007 at 3 p.m. at Rua
                    Antonio Carlos, N&#186;
434, in the City of S&#227;o Paulo, in the State of S&#227;o Paulo.</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Convening
                    and Presence. Duly convened and assembled, with the presence
                    of (including
                    participants by telephone) Mrs. Pedro Wongtschowski, Andr&#233; Covre, Eduardo de
                    Toledo, Jos&#233; Roberto Opice, Roberto Kutschat Neto and Jos&#233; Afonso Alves
                    Castanheira, members of the Board of Directors of Distribuidora
                    de Produtos de
                    Petr&#243;leo Ipiranga (&#8220;<u>DPPI</u>&#8221;) in accordance with Articles 9 and 10 of the
                    DPPI&#8217;s bylaws. Present also, under the terms of Article 163, &#167;3&#186; of Law N&#186;
6.404/76, were members of the Fiscal Council of DPPI, Mrs. Ubaldo
                    Evangelista
                    Neto, Carlos Mello and Eliana Chimenti, the executive officers
                    of DPPI, Srs.
                    Leocadio de Almeida Antunes Filho and Sergio Roberto Weyne Ferreira
                    da Costa,
                    and representatives of KPMG Independent Auditors (&#8220;<u>KPMG</u>&#8221;), Banco de
                    Investimentos Credit Suisse (Brasil) S.A. (&#8220;<u>Credit Suisse</u>&#8221;) Apsis
                    Consultoria Empresarial S/C Ltda. (&#8220;<u>Apsis</u>&#8221;), Mrs. Alexandre Heinerman,
                    Marco Gon&#231;alves and Luiz Paulo C&#233;sar Silveira, respectively.</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Presiding
                    at the Board. Pedro Wongtschowski - Chairman and Andr&#233; Covre -
                    Secretary.</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Deliberated
                    Matters. The Presiding Chairman announced that the object of
                    the meeting was to
                    deliberate on the exchange of shares issued by DPPI by Ultrapar
                    Participa&#231;&#245;es
                    S.A. (&#8220;<u>ULTRAPAR</u>&#8221;) (&#8220;<u>Share Exchange</u>&#8221;). The members of the Board of
                    Directors recognized that the Share <u>Exchange</u> is of the interest of DPPI,
                    which will be strengthened together with the other companies
                    of the Ipiranga
                    Group, and their shareholders, in order to simplify the corporate
                    structure of
                    the Ipiranga Group, concentrating all the shareholders into one
                    publicly-traded
                    company, aligning the interests of all the shareholders, increasing
                    market
                    capitalization and share liquidity, and participating in a company
                    recognized
                    for its high corporate governance standards<font style="DISPLAY: inline; COLOR: #000000;">. After the presentation
                    of the
                    necessary clarifications by the Executive Officers, the members
                    of the Board of
                    Directors examined and discussed the documents sent by the Executive
                    Officers,
                    including the </font><font style="DISPLAY: inline; COLOR: #000000;">&#8220;Protocol
                    and
                    Justification for the Exchange of Shares issued by Distribuidora
                    de Produtos de
                    Petr&#243;leo Ipiranga S.A. by Ultrapar Participa&#231;&#245;es S.A.&#8221; and the documents
                    referred to therein. In particular, considering the position
                    of certain minority
                    shareholders in relation to the intended Share Exchange, they
                    carefully examined
                    and discussed the results of the valuation reports prepared by
                    Deutsche Bank
                    Securities Inc. (&#8220;Deutsche Bank&#8221;) and Credit Suisse according to which DPPI and
                    ULTRAPAR were evaluated in order to establish the exchange ratio
                    between the
                    shares of DPPI and ULTRAPAR. Although the members of the Board
                    had previously
                    discussed with Credit Suisse, they requested additional clarification
                    to Credit
                    Suisse representatives related to the </font></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div id="FTR">
                      <div id="GLFTR" style="WIDTH: 100%" align="left">
                      </div>
                    </div>
                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      </div>
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        <hr style="COLOR: black" noshade size="2">
                      </div>
                    </div>
                    <div id="HDR">
                      <div id="GLHDR" style="WIDTH: 100%" align="right">
                      </div>
                    </div>
                  </div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><font style="DISPLAY: inline; COLOR: #000000;">final
                    version of the document.
                    Subsequently, the members of the Board inquired the representatives
                    of Credit
                    Suisse, Apsis and KPMG if they, as specialists on this subject,
                    considered all
                    the pertinent legal requirements on the elaboration of their
                    respective
                    valuation reports, in particular Brazilian Corporate Law, regulations
                    of the CVM
                    (Brazilian Securities and Exchange Commission) and generally
                    accepted accounting
                    practices, to which the representatives of the three companies
                    each individually
                    confirmed the complete conformity of their respective valuation
                    reports to the
                    legal precepts applicable, with the representatives of Credit
                    Suisse in addition
                    confirming, based on the valuation report that they prepared,
                    that the exchange
                    ratio offered for the Share Exchange, is adequate. Based on this
                    examination and
                    discussion and also considering the discussion at the meeting
                    of the Board of
                    Directors on November 6, 2007, during which the representatives
                    of Credit Suisse
                    answered to queries and clarified questions of the members present,
                    in
                    accordance with the minutes of such meeting, the members concluded,
                    in their
                    best judgement, that these valuation reports were prepared according
                    to the
                    concepts and assumptions which these banks used freely and independently
                    in the
                    exercising of their tasks. Thus, exercising their fiduciary duty
                    in the
                    fulfilment of their responsibilities, under the terms of articles
                    153, 154 and
                    155 of Law N&#186; 6.404/76, and having verified that the documents referred to
                    below
                    and the Share Exchange conform to legal and statutory requirements,
                    decided to
                    submit the proposal for the Share Exchange to the approval of
                    the shareholders
                    of </font>DPPI, under the terms and conditions of the &#8220; Protocol and
                    Justification for the <font style="DISPLAY: inline; COLOR: #000000;">Exchange</font> of Shares
                    issued by
<font style="DISPLAY: inline; COLOR: #000000;">Distribuidora
                    de Produtos de
                    Petr&#243;leo Ipiranga</font> S.A by Ultrapar Participa&#231;&#245;es S.A.&#8221;, and its annexes,
                    signed by the executive officers of DPPI and ULTRAPAR on November
                    9, 2007. The
                    Board of Directors authorised the Executive Officers to provide
                    the publication
                    of the relevant notice and Convening Notice for the convening
                    of an
                    Extraordinary Shareholders Meeting to deliberate on the Share
                    Exchange, as well
                    as practice all the necessary acts to implement these operation.
                    Given the
                    previous deliberations, the Board of Directors decided to convene
                    the Special
                    Shareholders Meeting to deliberate and approve the intended Share
                    Exchange, for
                    December 18, 2007.</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Quorum
                    for deliberations: All the deliberations above were voted on
                    and approved
                    unanimously.</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Closing
                    of the meeting. The Presiding Chairman, having offered the opportunity
                    for any
                    party to pronounce, none having done, declared the meeting closed,
                    the minutes
                    of which being duly transcript, read and approved by all those
                    present
                    undersigned.</font></div>
                  <div><br></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">S&#227;o
                    Paulo,
                    November 12, 2007.</font></div>
                  <div><br></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Compared
                    with original</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">&#160;in
                    registry book.</font></div>
                  <div><br></div>
                  <div><br></div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">

                        <tr>
                          <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                          <td valign="top" width="60%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Andr&#233;
                              Covre</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                          <td valign="top" width="60%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Secretary</font></div>
                          </td>
                        </tr>

                    </table>
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                  <div align="left">&#160;</div>
                </div>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
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                  <div>&#160;</div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><strong><font size="2">Item
                    5</font></strong></div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">COMPANHIA
                      BRASILEIRA DE PETR&#211;LEO IPIRANGA</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">NIRE
                      33.300.025.111 - CNPJ/MF 33.069.766/0001-81</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Publicly-Traded
                      Company</font></div>
                    <div><br></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Minutes
                      of
                      a meeting of the Board of Directors</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Held
                      on
                      November 12, 2007</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Date,
                      Time and Location. Held on November 12, 2007&#160;at 4 p.m. at Rua Antonio
                      Carlos, N&#186; 434, in the City of S&#227;o Paulo, in the State of S&#227;o
                      Paulo.</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Convening
                      and Presence. Duly convened and assembled, with the presence
                      of (including
                      participants by telephone) Ms. Maria das Gra&#231;as Foster and Mrs. Pedro
                      Wongtschowski, Eduardo de Toledo, Jos&#233; Roberto Opice, Andr&#233; Covre, Daniel Lima
                      de Oliveira and Luiz Carlos Teixeira, members of the Board
                      of Directors of CBPI,
                      in accordance with Articles 9 and 10 of CBPI's bylaws. Present,
                      also, under the
                      terms of Article 163, &#167;3&#186; of Law N&#186; 6.404/76, were members of the Fiscal Council
                      of CBPI, Mrs. Carlos Mello, Tomaz Andres Barbosa and Edson
                      Pena J&#250;nior, the
                      executive officers of CBPI, Mrs. Leocadio de Almeida Antunes
                      Filho, Sergio
                      Roberto Weyne Ferreira da Costa and Jos&#233; Manuel Alves Borges, and
                      representatives of KPMG Independent Auditors (&#8220;<u>KPMG</u>&#8221;), Banco de
                      Investimentos Credit Suisse (Brasil) S.A. (&#8220;<u>Credit Suisse</u>&#8221;) and Apsis
                      Consultoria Empresarial S/C Ltda. (&#8220;<u>Apsis</u>&#8221;), Srs. Alexandre Heinerman,
                      Marco Gon&#231;alves and Luiz Paulo C&#233;sar Silveira, respectively.</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Presiding
                      at the Board. Pedro Wongtschowski - Chairman; and Eduardo de
                      Toledo -
                      Secretary.</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Deliberated
                      matters. The Presiding Chairman&#160;&#160;announced that the object of the
                      meeting was to deliberate on the Exchange of the Shares issued
                      by CBPI by
                      Ultrapar Participa&#231;&#245;es S.A. (&#8220;<u>ULTRAPAR</u>&#8221;) (&#8220;Share Exchange&#8221;). The members
                      of the Board of Directors recognize the Share Exchange is of
                      the interest of
                      CBPI, which will be strengthened together with the other companies
                      of the
                      Ipiranga Group, and their shareholders, in order to simplify
                      the corporate
                      structure of the Ipiranga Group<font style="DISPLAY: inline; COLOR: #000000;">,
                      concentrating all the shares into one publicly-traded company,
                      permitting an
                      alignment of all its shareholders&#8217; interests, increasing market capitalization
                      and share liquidity and participating in a company recognized
                      for its high
                      standards of corporate governance. After the presentation of
                      the necessary
                      clarifications by the Executive Officers, the members of the
                      Board of Directors
                      examined and discussed the documents sent by the executive
                      officers, including
                      the </font><font style="DISPLAY: inline; COLOR: #000000;">&#8220;Protocol
                      and
                      Justification for the Exchange of the Shares Issued by Companhia
                      Brasileira de
                      Petr&#243;leo Ipiranga by Ultrapar Participa&#231;&#245;es S.A.&#8221; and the documents referred to
                      therein. In particular, considering the position of some minority
                      shareholders
                      considering the intended Share Exchange, they carefully examined
                      and discussed
                      the results of the valuation reports prepared by Deutsche Bank
                      Securities Inc.
                      (&#8220;Deutsche Bank&#8221;) and Credit Suisse according to which CBPI and ULTRAPAR were
                      valuated in order to establish the exchange ratio between the
                      shares of CBPI and
                      ULTRAPAR. </font>Although the members of the Board had previously discussed
                      with
                      Credit Suisse, they requested additional clarifications to
                      Credit Suisse
                      representatives related to </font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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                        </div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
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                    </div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">the
                      final
                      version of the document. <font style="DISPLAY: inline; COLOR: #000000;">Subsequently,
                      the members of the Board
                      inquired of the representatives of Credit Suisse, Apsis and
                      KPMG if they, as
                      specialists on this subject, considered all the pertinent legal
                      requirements on
                      the elaboration&#160;&#160;of their respective valuation reports, in particular
                      Brazilian Corporate Law, regulations of the CVM (Brazilian
                      Securities and
                      Exchange Commission) and generally accepted accounting practices,
                      to which the
                      representatives of the three companies each individually confirmed
                      the complete
                      conformity of their respective valuation reports to the legal
                      precepts
                      applicable, with the representatives of Credit Suisse in addition
                      confirming,
                      based on the valuation that they had prepared, that the exchange
                      ratio offered
                      for the Share Exchange is appropriate. . Based on this examination
                      and
                      discussion and also considering the discussion at the meeting
                      of the Board of
                      Directors on November 6, 2007, during which the representatives
                      of Credit Suisse
                      answered to queries and clarified questions of the&#160;&#160;members present,
                      in accordance with the minutes&#160;&#160;of such meeting, the members
                      concluded, in their best judgement, that these valuation reports
                      were prepared
                      according to the concepts and assumptions which these banks
                      used freely and
                      independently in the exercising of their tasks. Thus, exercising
                      their fiduciary
                      duty in the fulfilment of their responsibilities, under the
                      terms of articles
                      153, 154 and 155 of Law N&#186; 6.404/76, and having verified that the documents
                      referred to below and the Share Exchange conform to legal and
                      statutory
                      requirements, decided to submit the proposal for the Share
                      Exchange to the
                      approval of the shareholders of </font>CBPI, under the terms and conditions of
                      the &#8220;Protocol and Justification for the Share Exchange issued by
                      Companhia
                      Brasileira de Petr&#243;leo Ipiranga by Ultrapar Participa&#231;&#245;es S.A.&#8221;, and its
                      annexes, signed by the executive officers of CBPI and ULTRAPAR
                      on November 9,
                      2007. The Board of Directors authorised the Executive Officers
                      to provide the
                      publication of the Convening Notice for the convening of an
                      Special Shareholders
                      Meeting to deliberate the Share Exchange, as well as to practice
                      all the
                      necessary acts to implement these operations. The Board of
                      Officers deliberated,
                      in reason of&#160;&#160;the previous deliberations, to convene the Special
                      Shareholders Meeting to deliberate and approve the intended
                      Share Exchange, for
                      December 18, 2007.</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Quorum
                      for deliberations: All the deliberations above were voted on
                      and approved
                      unanimously.</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Closing
                      of the meeting. The presiding chairman, having offered the
                      opportunity for any
                      party to pronounce, none having done, declared the meeting
                      closed, the minutes
                      of which being duly transcript, read and approved by all those
                      present
                      undersigned.</font></div>
                    <div><br></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">S&#227;o
                      Paulo,
                      12 November, 2007.</font></div>
                    <div><br></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Compared
                      with original</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">in
                      registry book.</font></div>
                    <div><br></div>
                    <div><br></div>
                    <div align="left">
                      <table cellpadding="0" cellspacing="0" width="100%">

                          <tr>
                            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                            <td valign="top" width="60%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Eduardo
                                de Toledo</font></div>
                            </td>
                          </tr>
                          <tr>
                            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                            <td valign="top" width="60%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Secretary</font></div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div align="left">&#160;</div>
                  </div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                  <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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                      </div>
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
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                      </div>
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                    <div>&#160;</div>
                  </div>
                </div>
              </div>
            </div>
            <div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><strong><font size="2">Item
                  6</font></strong></div>
              </div>
            </div>
          </div>
        </div>
        <div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">ULTRAPAR
            PARTICIPA&#199;&#213;ES S.A.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">State
            Registration [NIRE] No. 35.300.109.724</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Taxpayer
            ID [CNPJ/MF] No. 33.256.439/0001-39</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Publicly-Traded
            Company</font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Special
            Shareholders&#8217; Meeting</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Convening
            Notice</font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">The
            Shareholders of Ultrapar Participa&#231;&#245;es S.A. (&#8220;<u>ULTRAPAR</u>&#8221;) are hereby
            called to convene at the Special Shareholders&#8217; Meeting to be held on December
            18, 2007, at 7:00 p.m., at the company&#8217;s headquarters located at Avenida
            Brigadeiro Luiz Antonio, 1.343, 9<font style="DISPLAY: inline; FONT-SIZE: 8pt;"><sup>th</sup></font> floor,
            in the City
            of S&#227;o Paulo, State of S&#227;o Paulo, to resolve on the transactions of exchange of
            shares issued by Refinaria de Petr&#243;leo Ipiranga S.A. (&#8220;<u>RPI</u>&#8221;),
            Distribuidora de Produtos de Petr&#243;leo Ipiranga S.A. (&#8220;<u>DPPI</u>&#8221;) and
            Companhia Brasileira de Petr&#243;leo Ipiranga (&#8220;<u>CBPI</u>&#8221;) by ULTRAPAR (&#8220;<u>Share
            Exchange Transactions</u>&#8221;), with the following agenda: (a) approval of the
            terms and conditions of the &#8220;Protocol and Justification of the Exchange of
            Shares issued by Refinaria de Petr&#243;leo Ipiranga S.A. by Ultrapar Participa&#231;&#245;es
            S.A.&#8221;, and exhibits thereto, signed by the executive officers of RPI and
            ULTRAPAR on November 09, 2007, the &#8220;Protocol and Justification of the Exchange
            of Shares issued by&#160;&#160;Distribuidora de Produtos de Petr&#243;leo Ipiranga
            S.A. by Ultrapar Participa&#231;&#245;es S.A.&#8221;, and exhibits thereto, signed by the
            executive officers of DPPI and ULTRAPAR on November 09, 2007, and the
&#8220;Protocol
            and Justification of the Exchange of Shares issued by Companhia Brasileira
            de
            Petr&#243;leo Ipiranga by Ultrapar Participa&#231;&#245;es S.A.&#8221;, and exhibits thereto, signed
            by the executive officers of CBPI and ULTRAPAR on November 09, 2007,
            respectively; (b) ratification of the engagement of Deutsche Bank Securities
            Inc. (&#8220;Deutsche Bank&#8221;) to valuate RPI, DPPI, CBPI and ULTRAPAR, based on the
            prospect&#160;&#160;of future profitability, for the purposes of article 252,
            paragraphs 1 and 3, of the Brazilian Corporate Act; (c) approval of the
            capital
            increase resulting from the Share Exchange Transactions; (d) approval
            of the
            amendment of the <em>caput</em> and paragraph 1 of article 5 of company&#8217;s
            bylaws; and (e) authorization for the Executive Officers to take the
            required
            actions to formalize the Share Exchange Transactions before governmental
            authorities and third parties in general.</font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Holders
            of
            nominative shares that are held in collective custody, in order to attend
            the
            Special Shareholders Meeting, must provide a shareholder position statement
            a
            minimum of two working days in advance of the meeting date, showing the
            respective shareholding, provided by the custodial body.</font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">The
            shareholder&#8217;s position as the holder of common shares shall be proven by
            consultation of the share registry book.</font></div>
          <div><br></div>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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              </div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
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              </div>
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            </div>
            <div>&#160;</div>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Shareholders
            may be represented at the Special Shareholders Meetings by a proxy constituted
            less than a year in advance, being the proxy a shareholder, company manager,
            lawyer, financial institution or investment fund manager, who represents
            the
            holders of the funds under management, the presentation of the respective
            power
            of attorney being required, which must be deposited at Company Headquarters
            with
            the Investor Relations Department by 5 p.m. on December 17, 2007, otherwise
            the
            proxy shall not be authorised to act.</font></div>
          <div><br></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">S&#227;o
            Paulo,
            November 14, 2007</font></div>
          <div><br></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Paulo
            Guilherme Aguiar Cunha</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Chairman
            of the Board of Directors</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        </div>
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            <div style="WIDTH: 100%; TEXT-ALIGN: center">
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            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><strong><font size="2">Item
              7</font></strong></div>
          </div>
          <div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">REFINARIA
              DE PETR&#211;LEO IPIRANGA S.A.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">State
              Registration [NIRE] No. 43300002837</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Taxpayer
              ID [CNPJ/MF] No. 94.845.674/0001-30</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Publicly-Traded
              Company</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Special
              Shareholders&#8217; Meeting</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Convening
              Notice</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">The
              Shareholders of Refinaria de Petr&#243;leo Ipiranga S.A. (&#8220;RPI&#8221;) are hereby called to
              convene at the Special Shareholders&#8217; Meeting to be held on December 18, 2007, at
              9:00 a.m., at the company&#8217;s headquarters located at Rua Engenheiro Heitor Amaro
              Barcellos, 551, City of Rio Grande, State of Rio Grande do Sul , to
              resolve on
              the transactions of exchange of shares issued by RPI by Ultrapar Participa&#231;&#245;es
              S.A. (&#8220;ULTRAPAR&#8221;) (&#8220;<u>Share Exchange Transaction</u>&#8221;), with the following
              agenda: (a) approval of the terms and conditions of the &#8220;Protocol and
              Justification of the Exchange of Shares issued by Refinaria de Petr&#243;leo Ipiranga
              S.A. by Ultrapar Participa&#231;&#245;es S.A.&#8221;, (and exhibits thereto: valuation of RPI&#8217;s
              shares based on its Shareholder Equity prepared by KPMG Auditores Independentes,
              valuation of RPI and ULTRAPAR based on the prospect of future profitability
              elaborated by Deutsche Bank Securities Inc., valuation of RPI and ULTRAPAR
              based
              on the prospect of future profitability elaborated by Credit Suisse
              (Brasil)
              S.A., and valuation of RPI&#8217;s and Ultrapar&#8217;s Shareholder Equity at Market Values
              elaborated by Apsis Consultoria Empresarial S/C Ltda.), establishing,
              as
              articles 224, 225, 252 and 264 of Brazilian Corporate Law,&#160;&#160;the terms
              and conditions of the exchange of the shares issued by RPI by Ultrapar
              Participa&#231;&#245;es S.A.; (b) approval of the amendment of the article 1 of company&#8217;s
              bylaws, in order to reflect its transformation into a wholly-owned
              subsidiary of
              Ultrapar; (c) authorization for the Executive Officers to take the
              required
              actions to formalize the Share Exchange Transactions, specially to
              subscribe the
              Ultrapar&#8217;s capital increase.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Additional
              Information</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Shareholders
              may be represented at the Special Shareholders Meeting by a proxy constituted
              as
              established on paragraph 1 of article 126 of Law n. 6,404/76.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Shareholders
              which shares are under custody of Companhia Brasileira de Liquida&#231;&#227;o e Cust&#243;dia
&#8211; CBLC, must present, at the Company&#8217;s headquarters, with a minimum of 48 hour
              in advance of the meeting date, a shareholder position statement, provided
              by
              the custodial agent. Shareholders must, in the same term, present the
              power of
              attorney, if they will be represented by a proxy.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">The
              documents referred to in the proposal of the management of RPI related
              to the
              agenda of the Special Shareholders Meeting (including the protocol
              and
              justifications, valuations reports and others) are available at the
              websites RPI
              (www.ipiranga.com.br) and Ultrapar (www.ultra.com.br). Copies of such
              materials
              will also be made available at the websites of CVM (www.cvm.gov.br)
              and the S&#227;o
              Paulo Stock Exchange (www.bovespa.com.br) as of this date. Any shareholder
              that
              wants to consult and examine the documents at the headquarters of RPI
              must
              schedule a visit date and time with the respective Investor</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
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                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
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                </div>
              </div>
              <div>&#160;</div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Relations
              department of RPI (telephone 53 3233 8061). Such documents are also
              available at
              the headquarters of ULTRAPAR, at Avenida Brigadeiro Luiz Antonio, 1343,
              9th
              floor, in the City of S&#227;o Paulo, State of S&#227;o Paulo (telephone 11 3177
              6601).</font></div>
            <div><br></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">S&#227;o
              Paulo,
              November 14, 2007</font></div>
            <div><br></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Jo<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman;">&#227;</font>o
              Adolfo
              Oderich</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Chairman
              of the Board of Directors</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
              </div>
              <div>&#160;</div>
            </div>
          </div>
          <div>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><strong><font size="2">Item
              8</font></strong></div>
          </div>
          <div>&#160;</div>
          <div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">DISTRIBUIDORA
              DE PRODUTOS DE PETR&#211;LEO IPIRANGA S.A.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">State
              Registration [NIRE] No. 43.3.00004821</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Taxpayer
              ID [CNPJ/MF] No. 92.689.256/0001-76</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Publicly-Traded
              Company</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Special
              Shareholders&#8217; Meeting</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Convening
              Notice</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">The
              Shareholders of Distribuidora de Produtos de Petr&#243;leo Ipiranga S.A. (&#8220;DPPI&#8221;) are
              hereby called to convene at the Special Shareholders&#8217; Meeting to be held on
              December 18, 2007, at 9:00 a.m., at the company&#8217;s headquarters located at
              Avenida Dolores Alcaraz Caldas, 90, City of Porto Alegre, State of
              Rio Grande do
              Sul, to resolve on the transactions of exchange of shares issued by
              DPPI by
              Ultrapar Participa&#231;&#245;es S.A. (&#8220;ULTRAPAR&#8221;) (&#8220;<u>Share Exchange Transaction</u>&#8221;),
              with the following agenda: (a) approval of the terms and conditions
              of the
&#8220;Protocol and Justification of the Exchange of Shares issued by Distribuidora
              de
              Produtos de Petr&#243;leo Ipiranga S.A. by Ultrapar Participa&#231;&#245;es S.A.&#8221;, (and
              exhibits thereto: valuation of DPPI&#8217;s shares based on its Shareholder Equity
              prepared by KPMG Auditores Independentes, valuation of DPPI and ULTRAPAR
              based
              on the prospect of future profitability elaborated by Deutsche Bank
              Securities
              Inc., valuation of DPPI and ULTRAPAR based on the prospect of future
              profitability elaborated by Credit Suisse (Brasil) S.A., and valuation
              of DPPI&#8217;s
              and Ultrapar&#8217;s Shareholder Equity at Market Values elaborated by Apsis
              Consultoria Empresarial S/C Ltda.), establishing, as articles 224,
              225, 252 and
              264 of Brazilian Corporate Law, the terms and conditions of the exchange
              of the
              shares issued by DPPI by Ultrapar Participa&#231;&#245;es S.A.; (b) approval of the
              amendment of the article 1 of company&#8217;s bylaws, in order to reflect its
              transformation into a wholly-owned subsidiary of Ultrapar; (c) authorization
              for
              the Executive Officers to take the required actions to formalize the
              Share
              Exchange Transactions, specially to subscribe the Ultrapar&#8217;s capital
              increase.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Additional
              Information</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Shareholders
              may be represented at the Special Shareholders Meeting by a proxy constituted
              as
              established on paragraph 1 of article 126 of Law n. 6,404/76.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Shareholders
              which shares are under custody of Companhia Brasileira de Liquida&#231;&#227;o e Cust&#243;dia
&#8211; CBLC, must present, at the Company&#8217;s headquarters, with a minimum of 48 hour
              in advance of the meeting date, a shareholder position statement, provided
              by
              the custodial agent. Shareholders must, in the same term, present the
              power of
              attorney, if they will be represented by a proxy.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">The
              documents referred to in the proposal of the management of DPPI related
              to the
              agenda of the Special Shareholders Meeting (including the protocol
              and
              justifications, valuations reports and others) are available at the
              websites
              DPPI (www.ipiranga.com.br) and Ultrapar (www.ultra.com.br). Copies
              of such
              materials will also be made available at the websites of CVM (www.cvm.gov.br)
              and the S&#227;o Paulo Stock Exchange (www.bovespa.com.br) as of this date. Any
              shareholder that wants to consult and examine the documents at the
              headquarters
              of DPPI must schedule a visit date and time with the respective
              Investor</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Relations
              department of DPPI (telephone 51 3216 4391). Such documents are also
              available
              at the headquarters of ULTRAPAR, at Avenida Brigadeiro Luiz Antonio,
              1343, 9th
              floor, in the City of S&#227;o Paulo, State of S&#227;o Paulo (telephone 11 3177
              6601).</font></div>
            <div><br></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">S&#227;o
              Paulo,
              November 14, 2007</font></div>
            <div><br></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Pedro
              Wongtschowski</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Chairman
              of the Board of Directors</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
              </div>
              <div>&#160;</div>
            </div>
          </div>
          <div>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><strong><font size="2">Item
              9</font></strong></div>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
          </div>
          <div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">COMPANHIA
              BRASILEIRA DE PETR&#211;LEO IPIRANGA</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">State
              Registration [NIRE] No. 33.300.025.111</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Taxpayer
              ID [CNPJ/MF] No. 33.069.766/0001-81</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Publicly-Traded
              Company</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Special
              Shareholders&#8217; Meeting</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Convening
              Notice</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">The
              Shareholders of Companhia Brasileira de Petr&#243;leo Ipiranga (&#8220;CBPI&#8221;) are hereby
              called to convene at the Special Shareholders&#8217; Meeting to be held on December
              18, 2007, at 5:00 p.m., at the company&#8217;s headquarters located at Rua Francisco
              Eug&#234;nio, 329,, in the City of Rio de Janeiro, State of Rio de Janeiro,
              to
              resolve on the transactions of exchange of shares issued by CBPI by
              Ultrapar
              Participa&#231;&#245;es S.A. (&#8220;ULTRAPAR&#8221;) (&#8220;<u>Share Exchange Transaction</u>&#8221;), with the
              following agenda: (a) approval of the terms and conditions of the &#8220;Protocol and
              Justification of the Exchange of Shares issued by Companhia Brasileira
              de
              Petr&#243;leo Ipiranga by Ultrapar Participa&#231;&#245;es S.A.&#8221;, (and exhibits thereto:
              valuation of CBPI&#8217;s shares based on its Shareholder Equity prepared by KPMG
              Auditores Independentes, valuation of CBPI and ULTRAPAR based on the
              prospect of
              future profitability elaborated by Deutsche Bank Securities Inc., valuation
              of
              CBPI and ULTRAPAR based on the prospect of future profitability elaborated
              by
              Credit Suisse (Brasil) S.A., and valuation of CBPI&#8217;s and Ultrapar&#8217;s Shareholder
              Equity at Market Values elaborated by Apsis Consultoria Empresarial
              S/C Ltda.),
              establishing, as articles 224, 225, 252 and 264 of Brazilian Corporate
              Law,&#160;&#160;the terms and conditions of the exchange of the shares issued by
              CBPI by Ultrapar Participa&#231;&#245;es S.A.;&#160;&#160;(b) approval of the amendment of
              the article 1 of company&#8217;s bylaws, in order to reflect its transformation into a
              wholly-owned subsidiary of Ultrapar; (c) authorization for the Executive
              Officers to take the required actions to formalize the Share Exchange
              Transactions, specially to subscribe the Ultrapar&#8217;s capital
              increase.</font></div>
            <div><br></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Additional
              Information</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Shareholders
              may be represented at the Special Shareholders Meeting by a proxy constituted
              as
              established on paragraph 1 of article 126 of Law n. 6,404/76.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Shareholders
              which shares are under custody of Companhia Brasileira de Liquida&#231;&#227;o e Cust&#243;dia
&#8211; CBLC, must present,&#160;&#160;at the Company&#8217;s headquarters, with a minimum
              of 48 hour in advance of the meeting date, a shareholder position statement,
              provided by the custodial agent. Shareholders must, in the same term,
              present
              the power of attorney, if they will be represented by a proxy.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">The
              documents referred to in the proposal of the management of CBPI related
              to the
              agenda of the Special Shareholders Meeting (including the protocol
              and
              justifications, valuations reports and others) are available at the
              websites
              CBPI (www.ipiranga.com.br) and&#160;&#160;Ultrapar (www.ultra.com.br). Copies of
              such materials will also be made available at the websites of CVM
              (www.cvm.gov.br) and the S&#227;o Paulo Stock Exchange (www.bovespa.com.br) as of
              this date. Any shareholder that wants to consult and examine the documents
              at
              the</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
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                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
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              </div>
              <div>&#160;</div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">headquarters
              of CBPI must schedule a visit date and time with the respective Investor
              Relations department of CBPI (telephone 21 2574 5308. Such documents
              are also
              available at the headquarters of ULTRAPAR, at Avenida Brigadeiro Luiz
              Antonio,
              1343, 9th floor, in the City of S&#227;o Paulo, State of S&#227;o Paulo (telephone 11 3177
              6601).</font></div>
            <div><br></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">S&#227;o
              Paulo,
              November 14, 2007</font></div>
            <div><br></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Pedro
              Wongtschowski</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Chairman
              of the Board of Directors</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
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                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
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                </div>
              </div>
              <div id="HDR">
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                </div>
              </div>
              <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
              <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="right"><strong><font size="2">Item
                10</font></strong></div>
              <div>&#160;</div>
              <div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">PROTOCOL
                  AND JUSTIFICATION OF THE SHARE EXCHANGE OF REFINARIA DE&#160;&#160;PETR&#211;LEO
                  IPIRANGA S.A. BY&#160;&#160;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">ULTRAPAR
                  PARTICIPA&#199;&#213;ES S.A.</font></div>
                <div><br></div>
                <div><br>&#160;</div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">BETWEEN</font></div>
                <div><br></div>
                <div><br></div>
                <div>&#160;</div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">REFINARIA
                  DE PETR&#211;LEO IPIRANGA S.A.</font></div>
                <div><br>&#160;</div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">AND</font></div>
                <div><br>&#160;</div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">ULTRAPAR
                  PARTICIPA&#199;&#213;ES S.A.</font></div>
                <div><br></div>
                <div><br>&#160;</div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">________________________________</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">DATED
                  NOVEMBER 9, 2007</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">________________________________</font></div>
                  <div><br>&#160;</div>
                  <div align="center">
                    <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

                        <tr bgcolor="white">
                          <td width="100%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                        </tr>

                    </table>
                  </div>
                </div>
                <div><br></div>
                <div>&#160;</div>
                <div><br>&#160;</div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
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                    </div>
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                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    </div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
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                    </div>
                  </div>
                </div>
                <div>&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">PROTOCOL
                    AND JUSTIFICATION OF THE SHARE&#160;&#160;EXCHANGE OF REFINARIA DE PETR&#211;LEO
                    IPIRANGA S.A BY ULTRAPAR PARTICIPA&#199;&#213;ES S.A.</font></div><br></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Under
                  this
                  agreement, the parties set out below:</font></div>
                <div><br></div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                      <tr valign="top" style="LINE-HEIGHT: 1.25;">
                        <td style="WIDTH: 36pt">
                          <div>&#160;</div>
                        </td>
                        <td style="WIDTH: 36pt">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">a.</font></div>
                        </td>
                        <td>
                          <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Refinaria
                            De Petr&#243;leo Ipiranga, a limited company, whose headquarters are
                            located at
                            Rua Engenheiro Heitor Amaro Barcellos, 551, in the City
                            of Rio Grande, in
                            the State of Rio Grande do Sul, inscribed on the National
                            Corporate
                            Registry (CNPJ/MF) under No. 94.845.674/0001-30 (&#8220;<u>RPI</u>&#8221;), in this
                            act represented in accordance with its bylaws, in its
                            capacity as the
                            company whose shares are to be exchanged;
                            and</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div><br></div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                      <tr valign="top" style="LINE-HEIGHT: 1.25;">
                        <td style="WIDTH: 35.45pt">
                          <div>&#160;</div>
                        </td>
                        <td style="WIDTH: 36pt">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">b.</font></div>
                        </td>
                        <td>
                          <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Ultrapar
                            Participa&#231;&#245;es S.A., a limited company, whose headquarters are located
                            at
                            Avenida Brigadeiro Luiz Antonio, 1343, 9th floor, in
                            the City of S&#227;o
                            Paulo, in the State of S&#227;o Paulo, inscribed on the National Corporate
                            Registry (CNPJ/MF) under No. 33.256.439/0001-39 (&#8220;<u>ULTRAPAR</u>&#8221;), in
                            this act represented in accordance with its bylaws, in
                            the capacity of the
                            company whose shares will be
                            received;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Duly
                  agreed between them, hereby commit themselves to this Protocol
                  and the
                  Justification of the Share Exchange Issued of Refinaria de Petr&#243;leo Ipiranga by
                  Ultrapar Participa&#231;&#245;es S.A. (&#8220;<u>Protocol and Justification</u>&#8221;), in accordance
                  with Articles 224 and 225 of Law n&#186; 6.404/76 (&#8220;Brazilian Corporation
                  Law<u>.</u>&#8221;).</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas,
                  on March 18, 2007, ULTRAPAR, Petr&#243;leo Brasileiro S.A. (&#8220;<u>Petrobras</u>&#8221;) and
                  Braskem S.A. (&#8220;<u>Braskem</u>&#8221;) entered into an investment agreement for the
                  acquisition of all the shares issued by Companhia Brasileira de
                  Petr&#243;leo
                  Ipiranga (&#8220;<u>CBPI</u>&#8221;), Distribuidora de Produtos de Petr&#243;leo Ipiranga S.A.
                  (&#8220;<u>DPPI</u>&#8221;) and RPI held by controlling shareholders of RPI and DPPI
                  (&#8220;<u>Investment Agreement </u>&#8221;);</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas,
                  under the terms of the Investment Agreement and in accordance with
                  the Relevant
                  Notice published on March 19, 2007, the transaction of the acquisition
                  of the
                  Ipiranga Group involves several stages, including, among others,
                  (a) the
                  acquisition of the shares issued by RPI, DPPI and CBPI by ULTRAPAR,
                  (b) the
                  carrying out of public share offerings of RPI, DPPI, CBPI and (c)
                  the Share
                  Exchange of RPI, DPPI and CBPI for preferred shares of ULTRAPAR
                  (with respect to
                  each of RPI, DPPI and CBPI, a &#8220;Share Exchange&#8221; and together, the &#8220;Share
                  Exchanges&#8221;);</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas,
                  upon the conclusion of phase (a) above, RPI, DPPI and CBPI became
                  directly or
                  indirectly controlled by ULTRAPAR, in accordance with Article 116
                  of Brazilian
                  Corporation Law;</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas,
                  in addition to phase (a), phase (b) above was also completed and
                  that the
                  managements of ULTRAPAR and RPI intend, through this Protocol and
                  Justification,
                  to establish the terms and conditions proposed for phase (c),the
                  Share
                  Exchange;</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas
                  RPI, DPPI and CBPI (together, the &#8220;Ipiranga Companies&#8221;) have a complex corporate
                  structure, to the extent that they consist of various companies
                  that operate in
                  the same sector, having stakes in each other;</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas
                  the Ipiranga Companies have an asymmetric base and shareholding
                  structure, to
                  the extent that there are three groups of different minority shareholders,
                  in
                  each of the companies and that the companies hold preferred shares
                  issued with
                  different characteristics;</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas
                  this corporate structure impairs the operational, administrative
                  and
                  shareholding efficiency of Ipiranga companies;</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas
                  the Share Exchanges, among other benefits, aim to resolve these
                  questions, on
                  behalf of, and in the interest of, all the companies, to the extent
                  that it will
                  simplify the corporate structure of the Ipiranga Companies, increasing
                  their
                  size and operational freedom, and ensuring their strengthening;</font></div>
                <div>&#160;</div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    </div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div>&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas
                  the Share Exchanges, in addition to the evident benefits for the
                  Ipiranga
                  Companies, will provide additional benefits to the shareholders
                  of the Ipiranga
                  Companies, by allowing them to participate in a listed company
                  that will
                  concentrate the shareholder bases of the four companies, which
                  should ensure
                  greater liquidity for the shares of all shareholders, to the extent
                  that it will
                  broaden the shareholder base, which will thus consist of shareholders
                  of
                  ULTRAPAR, RPI, CBPI and DPPI, with shares traded on the S&#227;o Paulo and New York
                  stock exchanges;</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas,
                  in addition to the increased liquidity, the Share Exchanges will
                  provide the
                  shareholders of the Ipiranga Companies a stake in ULTRAPAR, which
                  is a company
                  recognized for its good corporate governance structure and with
                  all the
                  interests of its shareholders aligned, an example being the <em>tag-along</em>
                  right granted to the preferred shares of ULTRAPAR;</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas
                  ULTRAPAR, in its capacity as controlling shareholder of the Ipiranga
                  Companies,
                  has an interest in strengthening these companies and adopting measures
                  to
                  improve their efficiency;</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas
                  taking into consideration that the managements of ULTRAPAR and
                  RPI consider the
                  Share Exchange to be an essential step in order to achieve these
                  objectives;</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">The
                  managements of Ultrapar and RPI hereby resolve, in accordance with
                  Articles 224,
                  225, 252 and 264 of Brazilian Corporation Law, to sign this Protocol
                  and
                  Justification in accordance with the following terms and
                  conditions.</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">FIRST
                    CLAUSE</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">NUMBER,
                    TYPE AND CLASS OF SHARES TO BE ATTRIBUTED</font></div>
                </div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">1.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  <u>Number, Type and Class of Shares to be attributed</u>. As a result of the
                  Share Exchange of RPI, 0.79850 preferred shares issued by ULTRAPAR
                  shall be
                  attributed to each 1 (one) share, preferred or ordinary, issued
                  by
                  RPI.</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">1.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Criteria
                  Used to Determine the Exchange Ratio</u>. The established exchange ratio was
                  determined based on the criteria of future profitability prospects
                  of ULTRAPAR
                  and RPI, in accordance with the valuations contained in <u>Annex II</u> and
<u>Annex III</u> hereto.</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">1.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Fractions
                  of Shares</u>. Fractions of shares resulting from the replacement of the
                  ownership stake of each shareholder of RPI will be sold at an auction
                  to be held
                  on the S&#227;o Paulo Stock Exchange <font style="DISPLAY: inline; COLOR: #000000;">&#8211;
BOVESPA, the resulting
                  amounts being made available for the respective
                  shareholders after the financial settlement of the shares sold
                  at
                  auction</font>.</font></div>
                <div><br></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">SECOND
                    CLAUSE</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">CRITERIA
                    FOR THE VALUATION OF THE SHAREHOLDER&#8217;S EQUITY OF ULTRAPAR AND
                    RPI</font></div>
                </div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">2.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Shareholder&#180;s
                  Equity</u>.&#160; The shares issued by RPI were valuated based on their
                  Shareholder&#180;s Equity, in accordance with the balance sheet as of September
                  30,
                  2007, audited by KPMG Independent Auditors (&#8220;<u>KPMG</u>&#8221;). The specialized
                  company KPMG Independent Auditors was chosen for this valuation,
                  its
                  headquarters being at Rua Dr. Renato Paes de Barros, 33, 14th floor,
                  in the City
                  of S&#227;o Paulo, in the State of S&#227;o Paulo, inscribed on the National Corporate
                  Registry of the Ministry of Finance under N&#186; 57.755.217/0001-29 and under the
                  Regional Accounting Council under N&#186; 2SP014428/O-6, represented by its partner
                  Pedro Augusto de Melo.&#160;&#160;The choice and hiring of KPMG must be ratified
                  by the shareholders of ULTRAPAR and RPI.&#160;&#160;The base date of the
                  valuation was September 30, 2007, in accordance with the report
                  in <u>Annex
                  I</u> (&#8220;<u>Accounting Report</u>&#8221;), in the amount of R$769,503,076.33 (seven
                  hundred and sixty-nine million, five hundred and three thousand
                  and seventy-six
                  reais, and thirty-three cents) for all the shares of RPI.</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">2.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Valuation
                  based on the prospect of future profitability</u>. Deutsche Bank Securities Inc.
                  (&#8220;<u>Deutsche Bank</u>&#8221;), a company with its headquarters at 60 Wall Street, New
                  York, NY, United States of America, was hired by ULTRAPAR to valuate
                  ULTRAPAR
                  and RPI based on their prospects for future profitability, </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    </div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">producing
                  for this purpose an economic-financial analysis contained in <u>Annex II</u>
                  (&#8220;<u>Economic-Financial Valuation (Deutsche Bank)</u>&#8221;) for the purpose of
                  setting the exchange ratios set forth in <u>Clause 1.1</u>. for the Share
                  Exchange.&#160;&#160;In the same way, Investment Bank Credit Suisse (Brasil)
                  S.A. (&#8220;<u>Credit Suisse</u>&#8221;), a company with its headquarters at Avenida
                  Brigadeiro Faria Lima, 3064, 13th floor, in the City of S&#227;o Paulo, in the State
                  of S&#227;o Paulo, was hired by RPI to conduct the valuation presented in
<u>Annex
                  III</u>, based on the prospect of future profitability of ULTRAPAR
                  and RPI
                  (&#8220;<u>Economic-Financial Valuation (Credit Suisse)</u>&#8221;). The valuations of
                  Deutsche Bank and Credit Suisse are based on balance sheets as
                  of December 31,
                  2006 and September 30, 2007, respectively.</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">2.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Valuation
                  of Shareholder&#180;s Equity at Market Values</u>. For the purposes of complying with
                  Article 264 of Brazilian Corporation Law,&#160;a specialized company was chosen:
                  Apsis Consultoria Empresarial S/C Ltda., with its headquarters
                  at Rua S&#227;o Jos&#233;,
                  90, Group 1802, Rio de Janeiro, RJ, inscribed on the National Corporate
                  Registry
                  of the Ministry of Finance under No. 27.281.922/0001-70, represented
                  by its
                  partner-director Ana Cristina Fran&#231;a Souza,&#160;to prepare a valuation report
                  of the Shareholder&#180;s Equity of ULTRAPAR and RPI at market values. The valuations
                  of ULTRAPAR and RPI were carried out according to the same criteria
                  and base
                  date of September 30, 2007, as shown in the report contained in
<u>Annex IV</u>
                  (&#8220;<u>Report of Shareholder Equity at&#160;&#160;Market Values</u>&#8221;), which
                  resulted, exclusively for the purpose contained in the initial
                  paragraph of
                  Article 264 of Brazilian Corporation Law&#184; in the exchange ratio of 0.722591
                  shares issued by ULTRAPAR for each share issued by RPI.</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">2.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Treatment
                  of Subsequent Equity variations</u>.&#160; From September 30, 2007, the base
                  date for the Share Exchange, variations in the value of RPI&#180;s equity value that
                  occur before the date on which the Share Exchange is carried out,
                  will be
                  recorded to at ULTRAPAR under the equity income result.</font></div>
                <div><br></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">THIRD
                    CLAUSE</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">SHARES
                    OF
                    A COMPANY HELD BY ANOTHER AND SHARES HELD IN TREASURY</font></div>
                </div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">3.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Treatment
                  of the Shares of a Company Held by Another</u>. There are no shares issued by
                  ULTRAPAR which are held by RPI.&#160;&#160;The shares issued by RPI, which are
                  held by ULTRAPAR, will continue to be held by ULTRAPAR.&#160;&#160;Any
                  reciprocal stake, as a consequence of the ownership of the shares
                  issued by
                  ULTRAPAR, held by RPI as a result of the corporate reorganization,
                  if this
                  should be the case, will be eliminated within the legal time limit,
                  in
                  accordance with Article 244, paragraph 5 of Brazilian Corporation
                  Law.</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">3.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Treatment
                  of Shares Held in Treasury</u>. There are no shares issued by RPI in
                  treasury.</font></div>
                <div><br></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">FOURTH
                    CLAUSE</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">CAPITAL
                    INCREASE OF ULTRAPAR</font></div>
                </div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">4.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Increase
                  in the Subscribed Paid-in Capital of ULTRAPAR</u>.&#160;The Share Exchange will
                  result in an increase in the paid-in capital of ULTRAPAR, through
                  the transfer
                  of all the shares of the shareholders of RPI to the paid-in capital
                  of
                  ULTRAPAR.&#160;&#160;The subscribed paid-in capital of ULTRAPAR, of
                  R$946,034,662.97 (nine hundred and forty-six million, thirty-four
                  thousand, six
                  hundred and sixty-two reais and ninety-seven cents), will be increased
                  by
                  R$708,939,151.43 (seven hundred and eight million, nine hundred
                  and thirty-nine
                  thousand, one hundred and fifty-one reais and forty-three cents),
                  based on the
                  economic valuation and the terms of Article 226 and &#167;1&#186; of Article 252 of
                  Brazilian Corporation Law. 14,115,702 (fourteen million, one hundred
                  and fifteen
                  thousand, seven hundred and two) new preferred shares, nominative,
                  with no
                  nominal value, of ULTRAPAR will be issued. These shares will be
                  exchanged for
                  the shares issued by RPI (except for those held by ULTRAPAR) and
                  attributed to
                  RPI shareholders (except for ULTRAPAR) in accordance with the exchange
                  ratio set
                  forth in <u>Clause 1.1</u>.&#160;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">4.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Wholly-Owned
                  Subsidiary</u>. As a result of the Share Exchange, RPI will become a wholly
                  owned subsidiary of ULTRAPAR. RPI shareholders will become shareholders
                  of
                  ULTRAPAR, based on the exchange ratio established in this Protocol
                  and
                  Justification, and in proportion of their shareholdings.</font></div>
                <div><br></div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    </div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">FIFTH
                    CLAUSE</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">ALTERATIONS
                    OF THE BYLAWS OF ULTRAPAR AND RPI</font></div>
                </div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">5.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Alterations
                  of the Bylaws of ULTRAPAR</u>.&#160; As a result of the Share Exchange, the
                  bylaws of ULTRAPAR will have to be altered so as to reflect the
                  increase in
                  paid-in capital and the number of shares into which it will be
                  split.
                  Accordingly, the following proposal will be submitted to the shareholders
                  of
                  ULTRAPAR for a change in the initial paragraph of Article 5&#186; of the bylaws, as
                  well as the following proposal for the alteration of paragraph
                  1&#186; of the
                  referred article:</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><em>&#8220;Art.
                  5&#186;&#160;&#160;The paid-in capital, subscribed and paid for, amounts to R$
                  1,654,973,814.40 (one billion, six hundred and fifty-four million,
                  nine hundred
                  and seventy-three thousand, eight hundred and fourteen reais and
                  forty cents),
                  divided into 95,441,111 (ninety-five million, four hundred and
                  forty one
                  thousand, one hundred and eleven) shares without nominal value,
                  all nominative,
                  being 49,429,897 (forty-nine million, four hundred and twenty-nine
                  thousand,
                  eight hundred and ninety-seven) common shares and 46,011,214 (forty-six
                  million,
                  eleven thousand, two hundred and fourteen) preferred book-entry
                  shares.</em></font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><em>&#167;1&#186;
- -
                  The Company is authorized to increase its paid-in capital, independent
                  of
                  altering its bylaws, on deliberation by the Board of Directors,
                  until it reaches
                  the figure of R$ 4,500,000,000.00 (four billion, five hundred million
                  reais),
                  through the issue of common or preferred shares, without keeping
                  the existing
                  proportion, observing the limit of 2/3 (two thirds) in preferred
                  shares, of the
                  total shares issued.&#8221;</em></font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">It
                  is
                  understood that, in light of the projects of Share Exchange of
                  CBPI and DPPI to
                  occur simultaneously with the Share Exchange, and the final result
                  of the public
                  share offerings for the shares of RPI, DPPI, CBPI, the capital
                  increase
                  resulting from the Share Exchange and the Ultrapar&#180;s paid-in capital, subscribed
                  for and paid for, may suffer alterations resulting in paid-in capital
                  different
                  from that shown above.</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">5.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Alterations
                  of the Bylaws of RPI</u>.&#160; As a result of the Share Exchange, the bylaws of
                  RPI will be altered so as to reflect its transformation into a
                  wholly owned
                  subsidiary of ULTRAPAR. Accordingly, the following proposal will
                  be submitted to
                  the shareholders of RPI for alteration of Article 1 of the bylaws:</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><em>&#8220;Art.
                  1:&#160;&#160;The Company, called REFINARIA DE PETR&#211;LEO IPIRANGA S.A., is a
                  limited company, a wholly-owned subsidiary of Ultrapar Participa&#231;&#245;es S.A.,
                  governed by the Brazilian corporation law, applicable legislation
                  and by the
                  present bylaws.&#8221;</em></font></div>
                <div><br></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">SIXTH
                    CLAUSE</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">REASONS
                    FOR THE SHARE EXCHANGE</font></div>
                </div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">6.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Reasons
                  for the Share Exchange</u>. The managements of ULTRAPAR and RPI decided to carry
                  out the Share Exchange, being of the opinion that it is in the
                  best interest of
                  the companies involved, in light of the foregoing, particularly
                  because of
                  the:</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                      <tr valign="top" style="LINE-HEIGHT: 1.25;">
                        <td style="WIDTH: 16.8pt">
                          <div>&#160;</div>
                        </td>
                        <td style="WIDTH: 54pt">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(a)</font></div>
                        </td>
                        <td>
                          <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">simplification
                            of the complex corporate structure of the Ipiranga Group;
                            </font></div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div><br></div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                      <tr valign="top" style="LINE-HEIGHT: 1.25;">
                        <td style="WIDTH: 16.8pt">
                          <div>&#160;</div>
                        </td>
                        <td style="WIDTH: 54pt">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(b)</font></div>
                        </td>
                        <td>
                          <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">strengthening
                            of Ipiranga Group Companies by eliminating the complex
                            capital and
                            corporate structure, thus enabling an improved operational
                            and
                            administrative efficiency, and a greater capacity to
                            make investments for
                            the companies that comprised the Ipiranga
                            Group;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div><br></div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                      <tr valign="top" style="LINE-HEIGHT: 1.25;">
                        <td style="WIDTH: 16.8pt">
                          <div>&#160;</div>
                        </td>
                        <td style="WIDTH: 54pt">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(c)</font></div>
                        </td>
                        <td>
                          <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">specialization
                            and development of the businesses that comprise the Ipiranga
                            Group;
                            </font></div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                      <tr valign="top" style="LINE-HEIGHT: 1.25;">
                        <td style="WIDTH: 16.8pt">
                          <div>&#160;</div>
                        </td>
                        <td style="WIDTH: 54pt">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(d)</font></div>
                        </td>
                        <td>
                          <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">alignment
                            of the interests of all the shareholders of the
                            companies;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    </div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div><br>&#160;</div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                      <tr valign="top" style="LINE-HEIGHT: 1.25;">
                        <td style="WIDTH: 16.8pt">
                          <div>&#160;</div>
                        </td>
                        <td style="WIDTH: 54pt">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(e)</font></div>
                        </td>
                        <td>
                          <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">increase
                            in the liquidity of the shares of all companies, to the
                            extent that the
                            shareholder base will be widened through the concentration
                            of all
                            shareholders of the companies into a single company,
                            with shares traded in
                            stock exchanges in Brazil and in New York through ADRs;
                            and</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div><br></div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                      <tr valign="top" style="LINE-HEIGHT: 1.25;">
                        <td style="WIDTH: 16.8pt">
                          <div>&#160;</div>
                        </td>
                        <td style="WIDTH: 54pt">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(f)</font></div>
                        </td>
                        <td>
                          <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">extension
                            of ULTRAPAR&#8217;s recognized corporate governance standards to all
                            shareholders of RPI, particularly with regard to the
                            100% tag-along right
                            for preferred shares.</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div><br></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">SEVENTH
                    CLAUSE</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">TYPE
                    OF
                    SHARES TO BE DELIVERED TO THE SHAREHOLDERS OF RPI</font></div>
                </div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">7.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Shares
                  to Be Delivered to the Shareholders of RPI</u>. <font style="DISPLAY: inline; COLOR: #000000;">The holders
                  of preferred and common
                  shares of RPI will receive, in replacement for their shares, preferred
                  shares of
</font>ULTRAPAR, in accordance with <u>Clause 1</u> above, which is justified as
                  a way of permitting the non-controlling shareholders of RPI to
                  participate in
                  the type of shares of ULTRAPAR, where liquidity is concentrated
                  and whose
                  trading is permitted both in Brazil and abroad.</font></div>
                <div><br></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">EIGHTH
                    CLAUSE</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">COMPOSITION
                    OF PAID-IN CAPITAL OF ULTRAPAR AFTER THE SHARE EXCHANGE</font></div>
                </div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">8.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Subscribed
                  Paid-in Capital of ULTRAPAR after the Share Exchange</u>. The subscribed paid-in
                  capital of ULTRAPAR will have a value of R$ 1,654,973,814.40 (one
                  billion, six
                  hundred and fifty-four million, nine hundred and seventy-three
                  thousand, eight
                  hundred and fourteen reais and forty cents) and will be represented
                  by
                  49,429,897 (forty-nine million, four hundred and twenty-nine thousand,
                  eight
                  hundred and ninety-seven) common shares and 46,011,214 (forty-six
                  million,
                  eleven thousand, two hundred and fourteen) preferred shares, nominative
                  and
                  without nominal value, subject to Clause 5.1.</font></div>
                <div><br></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">NINTH
                    CLAUSE</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">APPRAISAL
                    RIGHTS AND APPRAISAL VALUE FOR THE SHARES</font></div>
                </div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">9.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Appraisal
                  Rights of the Shareholders of ULTRAPAR and RPI</u>. As specified below, and in
                  accordance with the terms of Article 252, &#167;1&#186; and &#167;2&#186; of Brazilian Corporation
                  Law, the appraisal right of the shareholders of ULTRAPAR and RPI
                  shall be
                  guaranteed, for those who do not agree with the terms of the Share
                  Exchange,
                  that dissent from, abstain on resolutions or fail to attend the
                  relevant Special
                  General Meeting and who expressly declare their intention to exercise
                  their
                  appraisal right, within a period of 30 (thirty) days counted from
                  the date of
                  publication of the minutes of the respective Special Shareholders
                  Meeting that
                  approves the Share Exchange , , . The respective amount to be paid
                  for the
                  appraisal right shall depend on the completion of the transaction,
                  as set forth
                  in article 230 of Law 6.404/76, and the payment thereof shall be
                  made by the
                  respective company up to the third business day following the date of completion
                  of the respective transaction.&#160;&#160;The appraisal rights shall only be
                  assured to the shareholder that proves to be the owner of the shares
                  regarding
                  which the appraisal rights were exercised, pursuant to art. 137,
                  paragraph 1, of
                  Law 6.404/76.</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">9.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Amount
                  to be paid to Shareholders of ULTRAPAR and RPI</u>.&#160; The dissenting
                  shareholders of Ultrapar shall be entitled to repayment of their
                  shares in the
                  amount of twenty-three reais and eighty-six cents (R$&#160;23.86) according to
                  the last balance sheet approved, that is, as of December 31, 2006.
                  The
                  dissenting shareholders of RPI shall be entitled to repayment of
                  their shares at
                  the amount of nineteen reais and fifty cents (R$&#160;19.50) according to the
                  last balance sheet approved, that is, as of December 31, 2006;</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">9.2.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Considering
                  that the exchange ratio proposed to the non-controlling shareholders,
                  in
                  accordance with <u>Clause 1.1</u>, is more advantageous than that resulting from
                  comparisons to shareholder&#180;s equity at market values, under the terms of &#167; 3&#186; of
                  Article 264 of Brazilian Corporation Law, the common shareholders
                  of RPI
</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    </div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">dissenting
                  from the respective special shareholders meeting that approves
                  the corporate
                  transaction cannot exercise the appraisal rights based on the shareholder&#180;s&#8217;
equity at market values, but rather based on shareholders&#8217; equity at book
                  value.</font></div>
                <div>&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">9.2.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
                  dissenting shareholders may, upon the exercise of the appraisal
                  rights, request
                  a special balance sheet for the company, according to the provisions
                  of article
                  45, par. 2 of the Brazilian Corporation Act.&#160;&#160;In such event, after the
                  expiration of the period determined for the Share Exchange to be
                  reconsidered,
                  pursuant to article 137, par. 3, of the Brazilian Corporation Act,
                  the
                  shareholder will receive 80% of the amount to be paid for the appraisal
                  rights,
                  and the balance, if any, shall be paid within one hundred and twenty
                  (120) days
                  from the date of the resolution at the special shareholders
                  meeting.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">TENTH
                    CLAUSE</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">APPROVAL
                    BY THE GENERAL SHAREHOLDERS MEETINGS OF ULTRAPAR AND RPI</font></div>
                </div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">10.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>General
                  Shareholders Meetings</u>. For the implementation of the Share Exchange,
                  extraordinary general shareholders meetings will be held for the
                  shareholders of
                  ULTRAPAR and RPI, at which the respective shareholders must deliberate
                  on the
                  matters necessary for the Share Exchange.</font></div>
                <div><br></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">ELEVENTH
                    CLAUSE</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">GENERAL
                    TERMS</font></div>
                </div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.1.&#160;&#160;&#160;&#160;&#160;
                  &#160;&#160; <u>Absence of Succession</u>.&#160; Upon the completion of the
                  Share Exchange, ULTRAPAR will not absorb the assets, rights, liabilities
                  and
                  responsibilities of RPI, which will continue to exist as a separate
                  company, and
                  there will be no succession.</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Documents
                  Available to Shareholders</u>.&#160; All the documents mentioned in this
                  Protocol and Justification are available to the shareholders of
                  ULTRAPAR and RPI
                  as of this date, and may be obtained from the following addresses:&#160;(a) for
                  shareholders of RPI, at Rua Engenheiro Heitor Amaro Barcellos,
                  551, in the City
                  of Rio Grande, in the State of Rio Grande do Sul and (b) for shareholders
                  of
                  ULTRAPAR, at Avenida Brigadeiro Luiz Antonio, 1343, 8th floor,
                  in the city of
                  S&#227;o Paulo, in the state of S&#227;o Paulo.</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  <u>Communication of the Share Exchange to the Authorities</u>. The acquisition
                  of the Ipiranga Group, including the Share Exchange, has been communicated
                  to
                  the Administrative Counsel for the Economic Defense - CADE, the
                  Brazilian
                  antitrust authority.&#160;&#160;Any other communications necessary with regard
                  to the Share Exchange will be submitted to the applicable governmental
                  authorities, under the terms of the applicable legislation.</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  <u>Registration with the SEC</u>. The Share Exchanges and the respective
                  issuances of new shares by Ultrapar are subject to applicable registrations
                  with
                  the United States Securities and Exchange Commission.</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  &#160;&#160;<u>Profit Sharing for the Year 2007</u>. The shares to be issued by
                  Ultrapar as a result of the Share Exchange shall be fully entitled
                  to all
                  dividends and interest on share capital that may be declared after
                  the issuance
                  thereof.</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.6&#160;&#160;&#160;&#160;&#160;
                  &#160;&#160;&#160; <u>Re-evaluation</u>. Both ULTRAPAR and RPI, reserve the
                  right to re-evaluate the Share Exchange, in case of payment of
                  appraisal
                  amounts, resulting from the exercise of appraisal rights by shareholders
                  who
                  declare their dissent on a timely basis, which put their financial
                  stability at
                  risk, under the terms of &#167;3&#186; of Article 137 of Brazilian Corporation
                  Law.</font></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.7&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Survival
                  of Valid Clauses</u>. In the event of any particular clause, item, term, or
                  condition in this Protocol and Justification being considered invalid,
                  the other
                  clauses, items, terms, and conditions not affected by this invalidation,
                  shall
                  not be affected.</font></div>
                <div>&#160;</div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    </div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div>&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.8&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Jurisdiction</u>.
                  The Judiciary District of the Capital of the State of S&#227;o Paulo is hereby
                  elected for the settling of any and all questions arising from
                  this Protocol and
                  Justification, waiving the right of any other, however privileged
                  it may be or
                  may become.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">AND,
                    BEING
                    DULY IN AGREEMENT,</font> hereby sign this Protocol and Justification in the
                    form of 2 (two) identical copies of equal content, together with
                    two witnesses
                    whose details appear below.</div>
                </div>
                <div><br></div>
                <div><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">S&#227;o
                  Paulo,
                  November 9, 2007.</font></div>
                <div>&#160;</div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    </div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div>&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><em>[Signing
                  page 1 of 1 of the Protocol and Justification for the Share Exchange
                  issued by
                  Refinaria de Petr&#243;leo </em></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><em>Ipiranga
                  S.A. by Ultrapar Participa&#231;&#245;es S.A.]</em></font></div>
                <div><br></div>
                <div align="left">
                  <table cellpadding="0" cellspacing="0" width="100%">

                      <tr>
                        <td align="left" colspan="3" valign="top" width="100%">
                          <div>&#160;</div>
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">ULTRAPAR
                            PARTICIPA&#199;&#213;ES S.A.</font></div>
                          <div>&#160;</div>
                        </td>
                      </tr>
                      <tr>
                        <td align="left" valign="top" width="45%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                        <td width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                        <td align="left" valign="top" width="45%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="top" width="45%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Name:</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Position:</font></div>
                          <div>&#160;</div>
                        </td>
                        <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                        <td align="left" valign="top" width="45%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Name:</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Position:</font></div>
                          <div>&#160;</div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div><br></div>
                <div><br></div>
                <div align="left">
                  <table cellpadding="0" cellspacing="0" width="100%">

                      <tr>
                        <td align="left" colspan="3" valign="top" width="100%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">REFINARIA
                            DE PETR&#211;LEO IPIRANGA S.A.</font></div>
                          <div>&#160;</div>
                        </td>
                      </tr>
                      <tr>
                        <td align="left" valign="top" width="45%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                        <td width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                        <td align="left" valign="top" width="45%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="top" width="45%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Name:</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Position:</font></div>
                          <div>&#160;</div>
                        </td>
                        <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                        <td align="left" valign="top" width="45%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Name:</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Position:</font></div>
                          <div>&#160;</div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div><br></div>
                <div><br></div>
                <div>
                  <table cellpadding="0" cellspacing="0" width="100%">

                      <tr>
                        <td align="left" colspan="3" valign="top" width="100%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">WITNESSES</font></div>
                          <div>&#160;</div>
                        </td>
                      </tr>
                      <tr>
                        <td align="left" valign="top" width="45%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                        <td width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                        <td align="left" valign="top" width="45%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="top" width="45%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Name:</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">RG:</font></div>
                          <div>&#160;</div>
                        </td>
                        <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                        <td align="left" valign="top" width="45%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Name:</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">RG:</font></div>
                          <div>&#160;</div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div><br></div>
                <div><br></div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    </div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
                <div><br></div>
                <div>
                  <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="right"><strong><font size="2">Item
                    11</font></strong></div><br></div>
                <div>&#160;</div>
                <div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">PROTOCOL
                      AND JUSTIFICATION OF THE SHARE EXCHANGE OF DISTRIBUIDORA DE
                      PRODUTOS DE PETR&#211;LEO
                      IPIRANGA S.A. <br>BY&#160;&#160;ULTRAPAR PARTICIPA&#199;&#213;ES S.A.</font></div>
                    <div>&#160;</div>
                    <div><br></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">BETWEEN</font></div>
                    <div>&#160;</div>
                    <div><br></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">DISTRIBUIDORA
                      DE PRODUTOS DE PETR&#211;LEO IPIRANGA S.A.</font></div>
                    <div><br></div>
                    <div>&#160;</div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">AND</font></div>
                    <div>&#160;</div>
                    <div><br></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">ULTRAPAR
                      PARTICIPA&#199;&#213;ES S.A.</font></div>
                    <div><br></div>
                    <div>&#160;</div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">________________________________</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">DATED
                      NOVEMBER 9, 2007</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">________________________________</font></div>
                      <div><br></div>
                      <div>
                        <div><br>&#160;</div>
                        <div align="center">
                          <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

                              <tr bgcolor="white">
                                <td width="100%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                              </tr>

                          </table>
                        </div>
                        <div><br>&#160;</div>
                      </div>
                    </div>
                  </div>
                  <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div id="FTR">
                      <div id="GLFTR" style="WIDTH: 100%" align="left">
                      </div>
                    </div>
                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      </div>
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        <hr style="COLOR: black" noshade size="2">
                      </div>
                    </div>
                    <div id="HDR">
                      <div id="GLHDR" style="WIDTH: 100%" align="right">
                      </div>
                    </div>
                  </div>
                  <div><br></div>
                  <div>&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Protocol
                    and Justification&#160;of the Share&#160;exchange of DISTRIBUIDORA DE PRODUTOS
                    DE PETR&#211;LEO IPIRANGA S.A by Ultrapar Participa&#231;&#245;es S.A.</font></div>
                  <div><br>&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Under
                    this
                    agreement, the parties set out below:</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                    <div>
                      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                          <tr valign="top" style="LINE-HEIGHT: 1.25;">
                            <td align="right" style="WIDTH: 72pt">
                              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">a.&#160;&#160;</font></div>
                            </td>
                            <td>
                              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">DISTRIBUIDORA
                                  DE PRODUTOS DE PETR&#211;LEO IPIRANGA S.A, a limited company, whose
                                  headquarters are located at Avenida Dolores Alcaraz
                                  Caldas, 90, in the
                                  City of Porto Alegre, in the State of Rio Grande
                                  do Sul, inscribed on the
                                  National Corporate Registry (CNPJ/MF) under No.
                                  92.689.256/0001-76
                                  (&#8220;<u>DPPI</u>&#8221;), in this act represented in accordance
                                  with its bylaws, in
                                  its capacity as the company whose shares are to
                                  be exchanged;
                                  and</font></div>
                              </div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>&#160;</div>
                  </div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">

                        <tr valign="top" style="LINE-HEIGHT: 1.25;">
                          <td align="right" style="WIDTH: 72pt">
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">b.&#160;&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Ultrapar
                              Participa&#231;&#245;es S.A., a limited company, whose headquarters are
                              located at
                              Avenida Brigadeiro Luiz Antonio, 1343, 9th floor, in
                              the City of S&#227;o
                              Paulo, in the State of S&#227;o Paulo, inscribed on the National Corporate
                              Registry (CNPJ/MF) under No. 33.256.439/0001-39 (&#8220;<u>ULTRAPAR</u>&#8221;), in
                              this act represented in accordance with its bylaws,
                              in the capacity of the
                              company whose shares will be
                              received;</font></div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Duly
                    agreed between them, hereby commit themselves to this Protocol
                    and Justification
                    of the Share Exchange Issued of DISTRIBUIDORA DE PRODUTOS DE
                    PETR&#211;LEO IPIRANGA
                    S.A by Ultrapar Participa&#231;&#245;es S.A. (&#8220;<u>Protocol and Justification</u>&#8221;), in
                    accordance with Articles 224 and 225 of Law n&#186; 6.404/76 (&#8220;Brazilian Corporation
                    Law<u>.</u>&#8221;).</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas,
                    on March 18, 2007, ULTRAPAR, Petr&#243;leo Brasileiro S.A. (&#8220;<u>Petrobras</u>&#8221;) and
                    Braskem S.A. (&#8220;<u>Braskem</u>&#8221;) entered into an investment agreement for the
                    acquisition of all the shares issued by Companhia Brasileira
                    de Petr&#243;leo
                    Ipiranga (&#8220;<u>CBPI</u>&#8221;), Refinaria de Petr&#243;leo Ipiranga S.A. (&#8220;<u>RPI</u>&#8221;) and
                    DPPI held by controlling shareholders of RPI and DPPI (&#8220;<u>Investment Agreement
</u>&#8221;);</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas,
                    under the terms of the Investment Agreement and in accordance
                    with the Relevant
                    Notice published on March 19, 2007, the transaction of the acquisition
                    of the
                    Ipiranga Group involves several stages, including, among others,
                    (a) the
                    acquisition of the shares issued by RPI, DPPI and CBPI by ULTRAPAR,
                    (b) the
                    carrying out of public share offerings of RPI, DPPI, CBPI and
                    (c) the Share
                    Exchange of RPI, DPPI and CBPI for preferred shares of ULTRAPAR
                    (with respect to
                    each of RPI, DPPI and CBPI, a &#8220;Share Exchange&#8221; and together, the &#8220;Share
                    Exchanges&#8221;);</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas,
                    upon the conclusion of phase (a) above, RPI, DPPI and CBPI became
                    directly or
                    indirectly controlled by ULTRAPAR, in accordance with Article
                    116 of Brazilian
                    Corporation Law;</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas,
                    in addition to phase (a), phase (b) above was also completed
                    and that the
                    managements of ULTRAPAR and DPPI intend, through this Protocol
                    and
                    Justification, to establish the terms and conditions proposed
                    for phase (c), the
                    Share Exchange;</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas
                    RPI, DPPI and CBPI (together, the &#8220;Ipiranga Companies&#8221;) have a complex corporate
                    structure, to the extent that they consist of various companies
                    that operate in
                    the same sector, having stakes in each other;</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas
                    the Ipiranga Companies have an asymmetric base and shareholding
                    structure, to
                    the extent that there are three groups of different minority
                    shareholders, in
                    each of the companies and that the companies hold preferred shares
                    issued with
                    different characteristics;</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas
                    this corporate structure impairs the operational, administrative
                    and
                    shareholding efficiency of Ipiranga companies;</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas
                    the Share Exchanges, among other benefits, aim to resolve these
                    questions, on
                    behalf of, and in the interest of, all the companies, to the
                    extent that it will
                    simplify the corporate structure of the Ipiranga Companies, increasing
                    their
                    size and operational freedom, and ensuring their strengthening;</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div id="FTR">
                      <div id="GLFTR" style="WIDTH: 100%" align="left">
                      </div>
                    </div>
                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      </div>
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        <hr style="COLOR: black" noshade size="2">
                      </div>
                    </div>
                    <div id="HDR">
                      <div id="GLHDR" style="WIDTH: 100%" align="right">
                      </div>
                    </div>
                  </div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas
                    the Share Exchanges, in addition to the evident benefits for
                    the Ipiranga
                    Companies, will provide additional benefits to the shareholders
                    of the Ipiranga
                    Companies, by allowing them to participate in a listed company
                    that will
                    concentrate the shareholder bases of the four companies, which
                    should ensure
                    greater liquidity for the shares of all shareholders, to the
                    extent that it will
                    broaden the shareholder base, which will thus consist of shareholders
                    of
                    ULTRAPAR, RPI, CBPI and DPPI, with shares traded on the S&#227;o Paulo and New York
                    stock exchanges;</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas,
                    in addition to the increased liquidity, the Share Exchanges will
                    provide the
                    shareholders of the Ipiranga Companies a stake in ULTRAPAR, which
                    is a company
                    recognized for its good corporate governance structure and with
                    all the
                    interests of its shareholders aligned, an example being the <em>tag-along</em>
                    right granted to the preferred shares of ULTRAPAR;</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas
                    ULTRAPAR, in its capacity as controlling shareholder of the Ipiranga
                    Companies,
                    has an interest in strengthening these companies and adopting
                    measures to
                    improve their efficiency;</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas
                    taking into consideration that the managements of ULTRAPAR and
                    DPPI consider the
                    Share Exchange to be an essential step in order to achieve these
                    objectives;</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">The
                    managements of Ultrapar and DPPI hereby resolve, in accordance
                    with Articles
                    224, 225, 252 and 264 of Brazilian Corporation Law, to sign this
                    Protocol and
                    Justification in accordance with the following terms and
                    conditions.</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">First
                    Clause</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Number,
                    Type and Class of Shares to Be Attributed</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">1.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Number,
                    Type and Class of Shares to be attributed</u>. As a result of the Share Exchange
                    of DPPI, 0.64048 preferred shares issued by ULTRAPAR shall be
                    attributed to each
                    1 (one) share, preferred or ordinary, issued by DPPI.</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">1.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Criteria
                    Used to Determine the Exchange Ratio</u>. The established exchange ratio was
                    determined based on the criteria of future profitability prospects
                    of ULTRAPAR
                    and DPPI, in accordance with the valuations contained in <u>Annex II</u> and
<u>Annex III </u>hereto.</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">1.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Fractions
                    of Shares</u>. Fractions of shares resulting from the replacement of the
                    ownership stake of each shareholder of DPPI will be sold at an
                    auction to be
                    held on the S&#227;o Paulo Stock Exchange &#8211; BOVESPA, the resulting amounts being made
                    available for the respective shareholders after the financial
                    settlement of the
                    shares sold at auction.</font></div>
                  <div><br></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Second
                    Clause</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Criteria
                    for the Valuation of the Shareholder&#8217;s Equity of ULTRAPAR and DPPI</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">2.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Shareholder&#180;s
                    Equity</u>.&#160; The shares issued by DPPI were valuated based on their
                    Shareholder&#180;s Equity, in accordance with the balance sheet as of September
                    30,
                    2007, audited by KPMG Independent Auditors (&#8220;<u>KPMG</u>&#8221;). The specialized
                    company KPMG Independent Auditors was chosen for this valuation,
                    its
                    headquarters being at Rua Dr. Renato Paes de Barros, 33, 14th
                    floor, in the City
                    of S&#227;o Paulo, in the State of S&#227;o Paulo, inscribed on the National Corporate
                    Registry of the Ministry of Finance under N&#186; 57.755.217/0001-29 and under the
                    Regional Accounting Council under N&#186; 2SP014428/O-6, represented by its partner
                    Pedro Augusto de Melo.&#160;&#160;The choice and hiring of KPMG must be ratified
                    by the shareholders of ULTRAPAR and DPPI.&#160;&#160;The base date of the
                    valuation was September 30, 2007, in accordance with the report
                    in <u>Annex
                    I</u> (&#8220;<u>Accounting Report</u>&#8221;), in the amount of R$909,971,402.47 (nine
                    hundred and nine million, nine hundred and seventy-one thousand
                    and four hundred
                    and two reais and forty-seven cents) for all the shares of DPPI.</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">2.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Valuation
                    based on the prospect of future profitability</u>. Deutsche Bank Securities Inc.
                    (&#8220;<u>Deutsche Bank</u>&#8221;), a company with its headquarters at 60 Wall Street,
                    New
                    York, NY, United States of America, was </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div id="FTR">
                      <div id="GLFTR" style="WIDTH: 100%" align="left">
                      </div>
                    </div>
                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      </div>
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        <hr style="COLOR: black" noshade size="2">
                      </div>
                    </div>
                    <div id="HDR">
                      <div id="GLHDR" style="WIDTH: 100%" align="right">
                      </div>
                    </div>
                  </div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">hired
                    by
                    ULTRAPAR to valuate ULTRAPAR and DPPI based on their prospects
                    for future
                    profitability, producing for this purpose an economic-financial
                    analysis
                    contained in <u>Annex II</u> (&#8220;<u>Economic-Financial Valuation (Deutsche
                    Bank)</u>&#8221;) for the purpose of setting the exchange ratios set forth
                    in
<u>Clause 1.1</u>. for the Share Exchange.&#160;&#160;In the same way,
                    Investment Bank Credit Suisse (Brasil) S.A. (&#8220;<u>Credit Suisse</u>&#8221;), a company
                    with its headquarters at Avenida Brigadeiro Faria Lima, 3064,
                    13th floor, in the
                    City of S&#227;o Paulo, in the State of S&#227;o Paulo, was hired by DPPI to conduct the
                    valuation presented in <u>Annex III</u>, based on the prospect of future
                    profitability of ULTRAPAR and DPPI (&#8220;<u>Economic-Financial Valuation (Credit
                    Suisse)</u>&#8221;). The valuations of Deutsche Bank and Credit Suisse are
                    based on
                    balance sheets as of December 31, 2006 and September 30, 2007,
                    respectively.</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">2.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Valuation
                    of Shareholder&#180;s Equity at Market Values</u>. For the purposes of complying with
                    Article 264 of Brazilian Corporation Law,&#160;a specialized company was chosen:
                    Apsis Consultoria Empresarial S/C Ltda., with its headquarters
                    at Rua S&#227;o Jos&#233;,
                    90, Group 1802, Rio de Janeiro, RJ, inscribed on the National
                    Corporate Registry
                    of the Ministry of Finance under No. 27.281.922/0001-70, represented
                    by its
                    partner-director Ana Cristina Fran&#231;a Souza,&#160;to prepare a valuation report
                    of the Shareholder&#180;s Equity of ULTRAPAR and DPPI at market values. The
                    valuations of ULTRAPAR and DPPI were carried out according to
                    the same criteria
                    and base date of September 30, 2007, as shown in the report contained
                    in
<u>Annex IV</u> (&#8220;<u>Report of Shareholder Equity at Market Values</u>&#8221;), which
                    resulted, exclusively for the purpose contained in the initial
                    paragraph of
                    Article 264 of Brazilian Corporation Law&#184; in the exchange ratio of 0.644359
                    shares issued by ULTRAPAR for each share issued by DPPI.</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">2.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Treatment
                    of Subsequent Equity variations</u>.&#160; From September 30, 2007, the base
                    date for the Share Exchange, variations in the value of DPPI&#180;s equity value that
                    occur before the date on which the Share Exchange is carried
                    out, will be
                    recorded to at ULTRAPAR under the equity income result.</font></div>
                  <div><br></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Third
                    Clause</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Shares
                    of
                    a Company Held by Another and Shares Held in Treasury</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">3.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Treatment
                    of the Shares of a Company Held by Another</u>. There are no shares issued by
                    ULTRAPAR which are held by DPPI.&#160;&#160;The shares issued by DPPI, which are
                    held by ULTRAPAR, will continue to be held by ULTRAPAR.&#160;&#160;Any
                    reciprocal stake, as a consequence of the ownership of the shares
                    issued by
                    ULTRAPAR, held by DPPI as a result of the corporate reorganization,
                    if this
                    should be the case, will be eliminated within the legal time
                    limit, in
                    accordance with Article 244, paragraph 5 of Brazilian Corporation
                    Law.</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">3.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Treatment
                    of Shares Held in Treasury</u>. There are no shares issued by DPPI in
                    treasury.</font></div>
                  <div><br></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Fourth
                    Clause</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Capital
                    Increase of ULTRAPAR</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">4.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                    <u>Increase in the Subscribed Paid-in Capital of ULTRAPAR</u>.&#160;The Share
                    Exchange will result in an increase in the paid-in capital of
                    ULTRAPAR, through
                    the transfer of all the shares of the shareholders of DPPI to
                    the paid-in
                    capital of ULTRAPAR.&#160;&#160;The subscribed paid-in capital of ULTRAPAR, of
                    R$946,034,662.97 (nine hundred and forty-six million, thirty-four
                    thousand, six
                    hundred and sixty-two reais and ninety-seven cents), will be
                    increased by
                    R$595,815,096.79 (five hundred and ninety five million, eight
                    hundred and
                    fifteen thousand, ninety-six reais and seventy-nine cents), based
                    on the
                    economic valuation and the terms of Article 226 and &#167;1&#186; of Article 252 of
                    Brazilian Corporation Law. 11,863,286 (eleven million, eight
                    hundred and sixty
                    three thousand, two hundred and eighty-six) new preferred shares,
                    nominative,
                    with no nominal value, of ULTRAPAR will be issued. These shares
                    will be
                    exchanged for the shares issued by DPPI (except for those held
                    by ULTRAPAR) and
                    attributed to DPPI shareholders (except for ULTRAPAR) in accordance
                    with the
                    exchange ratio set forth in <u>Clause 1.1</u>.&#160;</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">4.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                    <u>Wholly-Owned Subsidiary</u>. As a result of the Share Exchange, DPPI will
                    become a wholly owned subsidiary of ULTRAPAR. DPPI shareholders
                    will become
                    shareholders of ULTRAPAR, based on the </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div id="FTR">
                      <div id="GLFTR" style="WIDTH: 100%" align="left">
                      </div>
                    </div>
                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      </div>
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        <hr style="COLOR: black" noshade size="2">
                      </div>
                    </div>
                    <div id="HDR">
                      <div id="GLHDR" style="WIDTH: 100%" align="right">
                      </div>
                    </div>
                  </div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">exchange
                    ratio established in this Protocol and Justification, and in
                    proportion of their
                    shareholdings.</font></div>
                  <div><br></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Fifth
                    Clause</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Alterations
                    of the Bylaws of ULTRAPAR and DPPI</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">5.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Alterations
                    of the Bylaws of ULTRAPAR</u>.&#160; As a result of the Share Exchange, the
                    bylaws of ULTRAPAR will have to be altered so as to reflect the
                    increase in
                    paid-in capital and the number of shares into which it will be
                    split.
                    Accordingly, the following proposal will be submitted to the
                    shareholders of
                    ULTRAPAR for a change in the initial paragraph of Article 5&#186; of the bylaws, as
                    well as the following proposal for the alteration of paragraph
                    1&#186; of the
                    referred article:</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><em>&#8220;Art.
                    5&#186;&#160;&#160;The paid-in capital, subscribed and paid for, amounts to R$
                    1,541,849,759.76 (one billion, five hundred and forty-one million,
                    eight hundred
                    and forty-nine thousand, seven hundred and fifty-nine reais and
                    seventy-six
                    cents), divided into 93,188,695 (ninety-three million, one hundred
                    and
                    eighty-eight thousand, six hundred and ninety-five) shares without nominal
                    value, all nominative, being 49,429,897 (forty-nine million,
                    four hundred and
                    twenty-nine thousand, eight hundred and ninety-seven) common
                    shares and
                    43,758,798 (forty-three million, seven hundred and fifty-eight
                    thousand, seven
                    hundred and ninety- eight) preferred book-entry shares.</em></font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><em>&#167;1&#186;
- -
                    The Company is authorized to increase its paid-in capital, independent
                    of
                    altering its bylaws, on deliberation by the Board of Directors,
                    until it reaches
                    the figure of R$ 4,500,000,000.00 (four billion, five hundred
                    million reais),
                    through the issue of common or preferred shares, without keeping
                    the existing
                    proportion, observing the limit of 2/3 (two thirds) in preferred
                    shares, of the
                    total shares issued.&#8221;</em></font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">It
                    is
                    understood that, in light of the projects of Share Exchange of
                    RPI and CBPI to
                    occur simultaneously with the Share Exchange, and the final result
                    of the public
                    share offerings for the shares of RPI, DPPI, CBPI, the capital
                    increase
                    resulting from the Share Exchange and the Ultrapar&#180;s paid-in capital, subscribed
                    for and paid for, may suffer alterations resulting in paid-in
                    capital different
                    from that shown above.</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">5.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Alterations
                    of the Bylaws of DPPI</u>.&#160; As a result of the Share Exchange, the bylaws
                    of DPPI will be altered so as to reflect its transformation into
                    a wholly owned
                    subsidiary of ULTRAPAR. Accordingly, the following proposal will
                    be submitted to
                    the shareholders of DPPI for alteration of Article 1 of the bylaws:</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><em>&#8220;Art.
                    1:&#160;&#160;The Company, called DISTRIBUIDORA DE PRODUTOS DE PETR&#211;LEO IPIRANGA
                    S.A., is a limited company, a wholly-owned subsidiary of Ultrapar
                    Participa&#231;&#245;es
                    S.A., governed by the Brazilian corporation law, applicable legislation
                    and by
                    the present bylaws.&#8221;</em></font></div>
                  <div><br></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Sixth
                    Clause</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Reasons
                    for the Share Exchange</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">6.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Reasons
                    for the Share Exchange</u>. The managements of ULTRAPAR and DPPI decided to
                    carry out the Share Exchange, being of the opinion that it is
                    in the best
                    interest of the companies involved, in light of the foregoing,
                    particularly
                    because of the:</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">

                        <tr valign="top" style="LINE-HEIGHT: 1.25;">
                          <td align="right" style="WIDTH: 72pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(a)&#160;&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">simplification
                              of the complex corporate structure of the Ipiranga
                              Group;
                              </font></div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">

                        <tr valign="top" style="LINE-HEIGHT: 1.25;">
                          <td align="right" style="WIDTH: 72pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(b)&#160;&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">strengthening
                              of Ipiranga Group Companies by eliminating the complex
                              capital and
                              corporate structure, thus enabling an improved operational
                              and
                              administrative efficiency, and a greater capacity to
                              make investments, for
                              the Companies that comprised the Ipiranga
                              Group</font></div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">

                        <tr valign="top" style="LINE-HEIGHT: 1.25;">
                          <td align="right" style="WIDTH: 72pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(c)&#160;&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">specialization
                              and development of the businesses that comprise the
                              Ipiranga Group;
                              </font></div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">

                        <tr valign="top" style="LINE-HEIGHT: 1.25;">
                          <td align="right" style="WIDTH: 72pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(d)&#160;&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">alignment
                              of the interests of all the shareholders of the
                              companies;</font></div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div>&#160;</div>
                  <div>&#160;</div>
                  <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div id="FTR">
                      <div id="GLFTR" style="WIDTH: 100%" align="left">
                      </div>
                    </div>
                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      </div>
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        <hr style="COLOR: black" noshade size="2">
                      </div>
                    </div>
                    <div id="HDR">
                      <div id="GLHDR" style="WIDTH: 100%" align="right">
                      </div>
                    </div>
                  </div>
                  <div><br>&#160;</div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">

                        <tr valign="top" style="LINE-HEIGHT: 1.25;">
                          <td align="right" style="WIDTH: 72pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(e)&#160;&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">increase
                              in the liquidity of the shares of all companies, to
                              the extent that the
                              shareholder base will be widened through the concentration
                              of all
                              shareholders of the companies into a single company,
                              with shares traded in
                              stock exchanges in Brazil and in New York through ADRs;
                              and</font></div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" id="list" width="100%">

                        <tr valign="top" style="LINE-HEIGHT: 1.25;">
                          <td align="right" style="WIDTH: 72pt">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(f)&#160;&#160;</font></div>
                          </td>
                          <td>
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">extension
                              of ULTRAPAR&#8217;s recognized corporate governance standards to all
                              shareholders of DPPI, particularly with regard to the
                              100% tag-along right
                              for preferred shares.</font></div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div><br></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Seventh
                    Clause</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Type
                    of
                    Shares to Be Delivered to the Shareholders of DPPI</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">7.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Shares
                    to Be Delivered to the Shareholders of DPPI</u>. The holders of preferred and
                    common shares of DPPI will receive, in replacement for their
                    shares, preferred
                    shares of ULTRAPAR, in accordance with <u>Clause 1</u> above, which is justified
                    as a way of permitting the non-controlling shareholders of DPPI
                    to participate
                    in the type of shares of ULTRAPAR, where liquidity is concentrated
                    and whose
                    trading is permitted both in Brazil and abroad.</font></div>
                  <div><br></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Eighth
                    Clause</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Composition
                    of Paid-in Capital of ULTRAPAR After the Share Exchange</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">8.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Subscribed
                    Paid-in Capital of ULTRAPAR after the Share Exchange</u>. The subscribed paid-in
                    capital of ULTRAPAR will have a value of R$ 1,541,849,759.76
                    (one billion, five
                    hundred and forty-one million, eight hundred and forty-nine thousand,
                    seven
                    hundred and fifty-nine reais and seventy-six cents) and will
                    be represented by
                    49,429,897 (forty-nine million, four hundred and twenty-nine
                    thousand, eight
                    hundred and ninety-seven) common shares and 43,758,798 (forty-three
                    million,
                    seven hundred and fifty-eight thousand, seven hundred and ninety-eight)
                    preferred shares, nominative and without nominal value, subject
                    to Clause
                    5.1.</font></div>
                  <div><br></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Ninth
                    Clause</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Appraisal
                    Rights and Appraisal Value for the Shares</font></div>
                  <div><br></div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">9.1.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>Appraisal
                    Rights of the Shareholders of ULTRAPAR and DPPI</u>. As specified below, and in
                    accordance with the terms of Article 252, &#167;1&#186; and &#167;2&#186; of Brazilian Corporation
                    Law, the appraisal right of the shareholders of ULTRAPAR and
                    DPPI shall be
                    guaranteed, for those who do not agree with the terms of the
                    Share Exchange,
                    that dissent from, abstain on resolutions or fail to attend the
                    relevant Special
                    General Meeting and who expressly declare their intention to
                    exercise their
                    appraisal right, within a period of 30 (thirty) days counted
                    from the date of
                    publication of the minutes of the respective Special Shareholders
                    Meeting that
                    approves the Share Exchange. The respective amount to be paid
                    for the appraisal
                    right shall depend on the completion of the transaction, as set
                    forth in article
                    230 of Law 6.404/76, and the payment thereof shall be made by
                    the respective
                    company up to the third business day following the date of completion
                    of the
                    respective transaction.&#160;&#160;The appraisal rights shall only be assured to
                    the shareholder that proves to be the owner of the shares regarding
                    which the
                    appraisal rights were exercised, pursuant to art. 137, paragraph
                    1, of Law
                    6.404/76.</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">9.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Amount
                    to be paid to Shareholders of ULTRAPAR and DPPI</u>.&#160; The dissenting
                    shareholders of Ultrapar shall be entitled to repayment of their
                    shares in the
                    amount of twenty-three reais and eighty-six cents (R$&#160;23.86) according to
                    the last balance sheet approved, that is, as of December 31,
                    2006. The
                    dissenting shareholders of DPPI shall be entitled to repayment
                    of their shares
                    at the amount of twenty and five reais and thirteen cents (R$&#160;25.13)
                    according to the last balance sheet approved, that is, as of
                    December 31,
                    2006;</font></div>
                  <div><br></div>
                  <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">9.2.1.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">As
                    a
                    result of the Share Exchange of parent company and affiliates,
                    pursuant to
                    article 264 of Law 6.404/76, it was concluded based on </font></div>
                  <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25">&#160;</div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">&#160;</div>
                  <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div id="FTR">
                      <div id="GLFTR" style="WIDTH: 100%" align="left">
                      </div>
                    </div>
                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      </div>
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        <hr style="COLOR: black" noshade size="2">
                      </div>
                    </div>
                    <div id="HDR">
                      <div id="GLHDR" style="WIDTH: 100%" align="right">
                      </div>
                    </div>
                  </div>
                  <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25">&#160;</div>
                  <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25">&#160;</div>
                  <div style="MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">the
                    Market
                    Value Shareholders&#8217; Equity Report and Pursuant to article 264, par. 3 of Law
                    6.404/76, DPPI&#8217;s shareholders may choose to have their shares repaid based on
                    the shareholders&#8217; equity amount at market value of such company, which is
                    thirty-three reais and fifty-five cents (R$&#160;33.55) per share, according to
                    the Market Value Shareholders&#8217; Equity Report.</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">9.2.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
                    dissenting shareholders may, upon the exercise of the appraisal
                    rights, request
                    a special balance sheet for the company, according to the provisions
                    of article
                    45, par. 2 of the Brazilian Corporation Law.&#160;&#160;In such event, after the
                    expiration of the period determined for the Share Exchange to
                    be reconsidered,
                    pursuant to article 137, par. 3, of the Brazilian Corporation
                    Act, the
                    shareholder will receive 80% of the amount to be paid for the
                    appraisal rights,
                    and the balance, if any, shall be paid within one hundred and
                    twenty (120) days
                    from the date of the resolution at the special shareholders
                    meeting.</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Tenth
                    Clause</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Approval
                    by the General Shareholders Meetings of Ultrapar and DPPI</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">10.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>General
                    Shareholders Meetings</u>. For the implementation of the Share Exchange,
                    extraordinary general shareholders meetings will be held for
                    the shareholders of
                    ULTRAPAR and DPPI, at which the respective shareholders must
                    deliberate on the
                    matters necessary for the Share Exchange.</font></div>
                  <div><br></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Eleventh
                    Clause</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">General
                    Terms</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Absence
                    of Succession</u>.&#160; Upon the completion of the Share Exchange, ULTRAPAR
                    will not absorb the assets, rights, liabilities and responsibilities
                    of DPPI,
                    which will continue to exist as a separate company, and there
                    will be no
                    succession.</font></div>
                  <div><br></div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.2</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">&#160;<u>Documents
                    Available to Shareholders</u>.&#160; All the documents mentioned in this
                    Protocol and Justification are available to the shareholders
                    of ULTRAPAR and
                    DPPI as of this date, and may be obtained from the following
                    addresses:&#160;(a)
                    for shareholders of DPPI, at Avenida Dolores Alcaraz Caldas,
                    90, in the City of
                    Porto Alegre, in the State of Rio Grande do Sul and (b) for shareholders
                    of
                    ULTRAPAR, at Avenida Brigadeiro Luiz Antonio, 1343, 8th floor,
                    in the city of
                    S&#227;o Paulo, in the state of S&#227;o Paulo.</font></div>
                  <div><br></div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.3.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;
</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>Communication
                    of the Share Exchange to the Authorities</u>. The acquisition of the Ipiranga
                    Group, including the Share Exchange, has been communicated to
                    the Administrative
                    Counsel for the Economic Defense - CADE, the Brazilian antitrust
                    authority.&#160;&#160;Any other communications necessary with regard to the
                    Share Exchange will be submitted to the applicable governmental
                    authorities,
                    under the terms of the applicable legislation.</font></div>
                  <div><br></div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.4.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;
</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>Registration
                    with the SEC</u>. The Share Exchanges and the respective issuances of new
                    shares
                    by Ultrapar are subject to applicable registrations with the
                    United States
                    Securities and Exchange Commission.</font></div>
                  <div><br></div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.5.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;
</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>Profit
                    Sharing for the Year 2007</u>. The shares to be issued by Ultrapar as a result
                    of the Share Exchange shall be fully entitled to all dividends
                    and interest on
                    share capital that may be declared after the issuance thereof.</font></div>
                  <div><br></div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.6.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;
</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>Re-evaluation</u>.
                    Both ULTRAPAR and DPPI, reserve the right to re-evaluate the
                    Share Exchange, in
                    case of payment of appraisal amounts, resulting from the exercise
                    of appraisal
                    rights by shareholders who declare their dissent on a timely
                    basis, which put
                    their financial stability at risk, under the terms of &#167;3&#186; of Article 137 of
                    Brazilian Corporation Law.</font></div>
                  <div><br></div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.7.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;
</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>Survival
                    of Valid Clauses</u>. In the event of any particular clause, item, term, or
                    condition in this Protocol and Justification being considered
                    invalid, the other
                    clauses, items, terms, and conditions not affected by this invalidation,
                    shall
                    not be affected.</font></div>
                  <div><br></div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.8.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;
</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>Jurisdiction</u>.
                    The Judiciary District of the Capital of the State of S&#227;o Paulo is hereby
                    elected for the settling of any and all questions arising from
                    this Protocol and
                    Justification, waiving the right of any other, </font></div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                  <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div id="FTR">
                      <div id="GLFTR" style="WIDTH: 100%" align="left">
                      </div>
                    </div>
                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      </div>
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        <hr style="COLOR: black" noshade size="2">
                      </div>
                    </div>
                    <div id="HDR">
                      <div id="GLHDR" style="WIDTH: 100%" align="right">
                      </div>
                    </div>
                  </div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">however
                    privileged it may be or may become.</font></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">And,
                    being
                    duly in agreement, hereby sign this Protocol and Justification
                    in the form of 2
                    (two) identical copies of equal content, together with two witnesses
                    whose
                    details appear below.</font></div>
                  <div><br></div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">S&#227;o
                    Paulo,
                    November 9, 2007.</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div id="FTR">
                      <div id="GLFTR" style="WIDTH: 100%" align="left">
                      </div>
                    </div>
                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      </div>
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        <hr style="COLOR: black" noshade size="2">
                      </div>
                    </div>
                    <div id="HDR">
                      <div id="GLHDR" style="WIDTH: 100%" align="right">
                      </div>
                    </div>
                  </div>
                  <div><br></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><em>[Signing
                    page 1 of 1 of the Protocol and Justification for the Share Exchange
                    issued by
                    DISTRIBUIDORA DE PRODUTOS DE PETR&#211;LEO IPIRANGA S.A&#160;&#160;by Ultrapar
                    Participa&#231;&#245;es S.A.]</em></font></div>
                  <div><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" width="100%">

                        <tr>
                          <td align="left" colspan="2" valign="top" width="74%">
                            <div>&#160;</div>
                            <div>&#160;</div>
                            <div>&#160;</div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">ULTRAPAR
                              PARTICIPA&#199;&#213;ES S.A.</font></div>
                            <div>&#160;</div>
                            <div>&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td align="left" valign="top" width="37%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">_______________________________</font></div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Name:</font></div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Position:</font></div>
                            <div>&#160;</div>
                          </td>
                          <td align="left" valign="top" width="37%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">_______________________________</font></div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Name:</font></div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Position:</font></div>
                            <div>&#160;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div><br></div>
                  <div><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" width="100%">

                        <tr>
                          <td align="left" colspan="2" valign="top" width="74%">
                            <div>&#160;</div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">DISTRIBUIDORA
                              DE PRODUTOS DE PETR&#211;LEO IPIRANGA S.A</font></div>
                            <div>&#160;</div>
                            <div>&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td align="left" valign="top" width="37%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">_______________________________</font></div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Name:</font></div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Position:</font></div>
                            <div>&#160;</div>
                          </td>
                          <td align="left" valign="top" width="37%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">_______________________________</font></div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Name:</font></div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Position:</font></div>
                            <div>&#160;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div><br></div>
                  <div><br></div>
                  <div>
                    <table cellpadding="0" cellspacing="0" width="100%">

                        <tr>
                          <td align="left" colspan="2" valign="top" width="74%">
                            <div>&#160;</div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">WITNESSES</font></div>
                            <div>&#160;</div>
                            <div>&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td align="left" valign="top" width="37%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">_______________________________</font></div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Name:</font></div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">RG:</font></div>
                            <div>&#160;</div>
                          </td>
                          <td align="left" valign="top" width="37%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">_______________________________</font></div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Name:</font></div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">RG:</font></div>
                            <div>&#160;</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div><br></div>
                  <div><br></div>
                  <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div id="FTR">
                      <div id="GLFTR" style="WIDTH: 100%" align="left">
                      </div>
                    </div>
                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      </div>
                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        <hr style="COLOR: black" noshade size="2">
                      </div>
                    </div>
                    <div id="HDR">
                      <div id="GLHDR" style="WIDTH: 100%" align="right">
                      </div>
                    </div>
                  </div>
                  <div><br></div>
                  <div>&#160;</div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><strong><font size="2">Item
                    12</font></strong><br></div>
                  <div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">PROTOCOL
                        AND JUSTIFICATION OF THE SHARE EXCHANGE OF&#160;&#160;COMPANHIA BRASILEIRA
                        DE&#160;&#160;PETR&#211;LEO IPIRANGA BY ULTRAPAR PARTICIPA&#199;&#213;ES S.A.</font></div>
                      <div>&#160;</div>
                      <div><br></div>
                      <div><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">BETWEEN</font></div>
                      <div>&#160;</div>
                      <div><br></div>
                      <div><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">COMPANHIA
                        BRASILEIRA DE&#160;&#160;PETR&#211;LEO IPIRANGA.</font></div>
                      <div>&#160;</div>
                      <div><br></div>
                      <div><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">AND</font></div>
                      <div>&#160;</div>
                      <div><br></div>
                      <div><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">ULTRAPAR
                        PARTICIPA&#199;&#213;ES S.A.</font></div>
                      <div><br></div>
                      <div>&#160;</div>
                      <div><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">________________________________</font></div>
                      <div><br></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">DATED
                        NOVEMBER 9, 2007</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">________________________________</font></div>
                        <div><br>
                          <div><br>&#160;</div>
                          <div align="center">
                            <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

                                <tr bgcolor="white">
                                  <td width="100%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                                </tr>

                            </table>
                          </div>
                          <div><br></div>
                        </div>
                      </div>
                    </div>
                    <div><br></div>
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left">
                        </div>
                      </div>
                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        </div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right">
                        </div>
                      </div>
                    </div>
                    <div><br>&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Protocol
                      and Justification of the Share&#160;&#160;exchange Issued by Companhia
                      Brasileira de&#160;&#160;Petr&#243;leo Ipiranga by Ultrapar Participa&#231;&#245;es
                      S.A.</font></div>
                    <div><br></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Under
                      this
                      agreement, the parties set out below:</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                      <div>
                        <table cellpadding="0" cellspacing="0" id="list" width="100%">

                            <tr valign="top" style="LINE-HEIGHT: 1.25;">
                              <td align="right" style="WIDTH: 72pt">
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">a.&#160;
                                  </font></div>
                              </td>
                              <td>
                                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Companhia
                                    Brasileira de&#160;&#160;Petr&#243;leo Ipiranga, a limited company, whose
                                    headquarters are located at Rua Francisco Eug&#234;nio, 329, in the City of Rio
                                    de Janeiro, in the State of Rio de Janeiro, inscribed
                                    on the National
                                    Corporate Registry (CNPJ/MF) under No. 33.069.766/0001-81
                                    (&#8220;<u>CBPI</u>&#8221;),
                                    in this act represented in accordance with its
                                    bylaws, in its capacity as
                                    the company whose shares are to be exchanged;
                                    and</font></div>
                                </div>
                              </td>
                            </tr>

                        </table>
                      </div>
                      <div>&#160;</div>
                    </div>
                    <div>
                      <table cellpadding="0" cellspacing="0" id="list" width="100%">

                          <tr valign="top" style="LINE-HEIGHT: 1.25;">
                            <td align="right" style="WIDTH: 72pt">
                              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">b.&#160;&#160;</font></div>
                            </td>
                            <td>
                              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Ultrapar
                                Participa&#231;&#245;es S.A., a limited company, whose headquarters are
                                located at
                                Avenida Brigadeiro Luiz Antonio, 1343, 9th floor,
                                in the City of S&#227;o
                                Paulo, in the State of S&#227;o Paulo, inscribed on the National Corporate
                                Registry (CNPJ/MF) under No. 33.256.439/0001-39 (&#8220;<u>ULTRAPAR</u>&#8221;), in
                                this act represented in accordance with its bylaws,
                                in the capacity of the
                                company whose shares will be
                                received;</font></div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Duly
                      agreed between them, hereby commit themselves to this Protocol
                      and Justification
                      of the Share Exchange of Companhia Brasileira de Petr&#243;leo Ipiranga by Ultrapar
                      Participa&#231;&#245;es S.A. (&#8220;<u>Protocol and Justification</u>&#8221;), in accordance with
                      Articles 224 and 225 of Law n&#186; 6.404/76 (&#8220;Brazilian Corporation
                      Law<u>.</u>&#8221;).</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas,
                      on March 18, 2007, ULTRAPAR, Petr&#243;leo Brasileiro S.A. (&#8220;<u>Petrobras</u>&#8221;) and
                      Braskem S.A. (&#8220;<u>Braskem</u>&#8221;) entered into an investment agreement for the
                      acquisition of all the shares issued by Refinaria de Petr&#243;leo Ipiranga S.A.
                      (&#8220;<u>RPI</u>&#8221;), Distribuidora de Produtos de Petr&#243;leo Ipiranga S.A.
                      (&#8220;<u>DPPI</u>&#8221;) and CBPI held by controlling shareholders of RPI
                      and DPPI
                      (&#8220;<u>Investment Agreement </u>&#8221;);</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas,
                      under the terms of the Investment Agreement and in accordance
                      with the Relevant
                      Notice published on March 19, 2007, the transaction of the
                      acquisition of the
                      Ipiranga Group involves several stages, including, among others,
                      (a) the
                      acquisition of the shares issued by RPI, DPPI and CBPI by ULTRAPAR,
                      (b) the
                      carrying out of public share offerings of RPI, DPPI, CBPI and
                      (c) the Share
                      Exchange of RPI, DPPI and CBPI for preferred shares of ULTRAPAR
                      (with respect to
                      each of RPI, DPPI and CBPI, a &#8220;Share Exchange&#8221; and together, the &#8220;Share
                      Exchanges&#8221;);</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas,
                      upon the conclusion of phase (a) above, RPI, DPPI and CBPI
                      became directly or
                      indirectly controlled by ULTRAPAR, in accordance with Article
                      116 of Brazilian
                      Corporation Law;</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas,
                      in addition to phase (a), phase (b) above was also completed
                      and that the
                      managements of ULTRAPAR and CBPI intend, through this Protocol
                      and
                      Justification, to establish the terms and conditions proposed
                      for phase (c),the
                      Share Exchange;</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas
                      RPI, DPPI and CBPI (together, the &#8220;Ipiranga Companies&#8221;) have a complex corporate
                      structure, to the extent that they consist of various companies
                      that operate in
                      the same sector, having stakes in each other;</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas
                      the Ipiranga Companies have an asymmetric base and shareholding
                      structure, to
                      the extent that there are three groups of different minority
                      shareholders, in
                      each of the companies and that the companies hold preferred
                      shares issued with
                      different characteristics;</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas
                      this corporate structure impairs the operational, administrative
                      and
                      shareholding efficiency of Ipiranga companies;</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas
                      the Share Exchanges, among other benefits, aim to resolve these
                      questions, on
                      behalf of, and in the interest of, all the companies, to the
                      extent that it will
                      simplify the corporate structure of the Ipiranga Companies,
                      increasing their
                      size and operational freedom, and ensuring their strengthening;</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left">
                        </div>
                      </div>
                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        </div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right">
                        </div>
                      </div>
                    </div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas
                      the Share Exchanges, in addition to the evident benefits for
                      the Ipiranga
                      Companies, will provide additional benefits to the shareholders
                      of the Ipiranga
                      Companies, by allowing them to participate in a listed company
                      that will
                      concentrate the shareholder bases of the four companies, which
                      should ensure
                      greater liquidity for the shares of all shareholders, to the
                      extent that it will
                      broaden the shareholder base, which will thus consist of shareholders
                      of
                      ULTRAPAR, RPI, CBPI and DPPI, with shares traded on the S&#227;o Paulo and New York
                      stock exchanges;</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas,
                      in addition to the increased liquidity, the Share Exchanges
                      will provide the
                      shareholders of the Ipiranga Companies a stake in ULTRAPAR,
                      which is a company
                      recognized for its good corporate governance structure and
                      with all the
                      interests of its shareholders aligned, an example being the
<em>tag-along</em>
                      right granted to the preferred shares of ULTRAPAR;</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas
                      ULTRAPAR, in its capacity as controlling shareholder of the
                      Ipiranga Companies,
                      has an interest in strengthening these companies and adopting
                      measures to
                      improve their efficiency;</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Whereas
                      taking into consideration that the managements of ULTRAPAR
                      and CBPI consider the
                      Share Exchange to be an essential step in order to achieve
                      these
                      objectives;</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">The
                      managements of Ultrapar and CBPI hereby resolve, in accordance
                      with Articles
                      224, 225, 252 and 264 of Brazilian Corporation Law, to sign
                      this Protocol and
                      Justification in accordance with the following terms and
                      conditions.</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">First
                      Clause</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Number,
                      Type and Class of Shares to Be Attributed</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">1.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Number,
                      Type and Class of Shares to be attributed</u>. As a result of the Share Exchange
                      of CBPI, 0.41846 preferred shares issued by ULTRAPAR shall
                      be attributed to each
                      1 (one) share, preferred or ordinary, issued by CBPI.</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">1.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Criteria
                      Used to Determine the Exchange Ratio</u>. The established exchange ratio was
                      determined based on the criteria of future profitability prospects
                      of ULTRAPAR
                      and CBPI, in accordance with the valuations contained in <u>Annex II</u> and
<u>Annex III</u> hereto.</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">1.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Fractions
                      of Shares</u>. Fractions of shares resulting from the replacement of
                      the
                      ownership stake of each shareholder of CBPI will be sold at
                      an auction to be
                      held on the S&#227;o Paulo Stock Exchange &#8211; BOVESPA, the resulting amounts being made
                      available for the respective shareholders after the financial
                      settlement of the
                      shares sold at auction.</font></div>
                    <div><br></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Second
                      Clause</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Criteria
                      for the Valuation of the Shareholder&#8217;s Equity of ULTRAPAR and CBPI</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">2.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Shareholder&#180;s
                      Equity</u>.&#160; The shares issued by CBPI were valuated based on their
                      Shareholder&#180;s Equity, in accordance with the balance sheet as of September
                      30,
                      2007, audited by KPMG Independent Auditors (&#8220;<u>KPMG</u>&#8221;). The specialized
                      company KPMG Independent Auditors was chosen for this valuation,
                      its
                      headquarters being at Rua Dr. Renato Paes de Barros, 33, 14th
                      floor, in the City
                      of S&#227;o Paulo, in the State of S&#227;o Paulo, inscribed on the National Corporate
                      Registry of the Ministry of Finance under N&#186; 57.755.217/0001-29 and under the
                      Regional Accounting Council under N&#186; 2SP014428/O-6, represented by its partner
                      Pedro Augusto de Melo.&#160;&#160;The choice and hiring of KPMG must be ratified
                      by the shareholders of ULTRAPAR and CBPI.&#160;&#160;The base date of the
                      valuation was September 30, 2007, in accordance with the report
                      in <u>Annex
                      I</u> (&#8220;<u>Accounting Report</u>&#8221;), in the amount of R$1,839,874,344.03 (one
                      billion, eight hundred and thirty-nine million, eight hundred
                      and seventy-four
                      thousand, three hundred and forty-four reais and three cents)
                      for all the shares
                      of CBPI.</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">2.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Valuation
                      based on the prospect of future profitability</u>. Deutsche Bank Securities Inc.
                      (&#8220;<u>Deutsche Bank</u>&#8221;), a company with its headquarters at 60 Wall Street,
                      New
                      York, NY, United States of America, was </font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left">
                        </div>
                      </div>
                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        </div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right">
                        </div>
                      </div>
                    </div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">hired
                      by
                      ULTRAPAR to valuate ULTRAPAR and CBPI based on their prospects
                      for future
                      profitability, producing for this purpose an economic-financial
                      analysis
                      contained in <u>Annex II</u> (&#8220;<u>Economic-Financial Valuation (Deutsche
                      Bank)</u>&#8221;) for the purpose of setting the exchange ratios set forth
                      in
<u>Clause 1.1</u>. for the Share Exchange.&#160;&#160;In the same way,
                      Investment Bank Credit Suisse (Brasil) S.A. (&#8220;<u>Credit Suisse</u>&#8221;), a company
                      with its headquarters at Avenida Brigadeiro Faria Lima, 3064,
                      13th floor, in the
                      City of S&#227;o Paulo, in the State of S&#227;o Paulo, was hired by CBPI to conduct the
                      valuation presented in <u>Annex III</u>, based on the prospect of future
                      profitability of ULTRAPAR and CBPI (&#8220;<u>Economic-Financial Valuation (Credit
                      Suisse)</u>&#8221;). The valuations of Deutsche Bank and Credit Suisse are
                      based on
                      balance sheets as of December 31, 2006 and September 30, 2007,
                      respectively.</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">2.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Valuation
                      of Shareholder&#180;s Equity at Market Values</u>. For the purposes of complying with
                      Article 264 of Brazilian Corporation Law,&#160;a specialized company was chosen:
                      Apsis Consultoria Empresarial S/C Ltda., with its headquarters
                      at Rua S&#227;o Jos&#233;,
                      90, Group 1802, Rio de Janeiro, RJ, inscribed on the National
                      Corporate Registry
                      of the Ministry of Finance under No. 27.281.922/0001-70, represented
                      by its
                      partner-director Ana Cristina Fran&#231;a Souza,&#160;to prepare a valuation report
                      of the Shareholder&#180;s Equity of ULTRAPAR and CBPI at market values. The
                      valuations of ULTRAPAR and CBPI were carried out according
                      to the same criteria
                      and base date of September 30, 2007, as shown in the report
                      contained in
<u>Annex IV</u> (&#8220;<u>Report of Shareholder Equity at&#160;&#160;Market
                      Values</u>&#8221;), which resulted, exclusively for the purpose contained
                      in the
                      initial paragraph of Article 264 of Brazilian Corporation Law&#184; in the exchange
                      ratio of 0.409277 shares issued by ULTRAPAR for each share
                      issued by
                      CBPI.</font></div>
                    <div><br></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">2.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Treatment
                      of Subsequent Equity variations</u>.&#160; From September 30, 2007, the base
                      date for the Share Exchange, variations the value of CBPI&#180;s equity value that
                      occur before the date on which the Share Exchange is carried
                      out, will be
                      recorded to at ULTRAPAR under the equity income result.</font></div>
                    <div><br></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Third
                      Clause</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Shares
                      of
                      a Company Held by Another and Shares Held in Treasury</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: -45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">3.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                      <u>Tr</u></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>eatment
                      of the Shares of a Company Held by Another</u>. There are no shares issued by
                      ULTRAPAR which are held by CBPI.&#160;&#160;The shares issued by CBPI, which are
                      held by ULTRAPAR, will continue to be held by ULTRAPAR</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">3.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Treatment
                      of Shares Held in Treasury</u>. There are no shares issued by CBPI in
                      treasury.</font></div>
                    <div><br></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Fourth
                      Clause</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Capital
                      Increase of ULTRAPAR</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">4.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Increase
                      in the Subscribed Paid-in Capital of ULTRAPAR</u>.&#160;The Share Exchange will
                      result in an increase in the paid-in capital of ULTRAPAR, through
                      the transfer
                      of all the shares of the shareholders of CBPI to the paid-in
                      capital of
                      ULTRAPAR.&#160;&#160;The subscribed paid-in capital of ULTRAPAR, of
                      R$946,034,662.97 (nine hundred and forty-six million, thirty-four
                      thousand, six
                      hundred and sixty-two reais and ninety-seven cents), will be
                      increased by
                      R$1,442,716,646.09 (one billion, four hundred and forty-two
                      million, seven
                      hundred and sixteen thousand, six hundred and forty-six reais
                      and nine cents),
                      based on the economic valuation and the terms of Article 226
                      and &#167;1&#186; of Article
                      252 of Brazilian Corporation Law. 28,725,960 (twenty eight
                      million, seven
                      hundred and twenty-five thousand and nine hundred and sixty)
                      new preferred
                      shares, nominative, with no nominal value, of ULTRAPAR will
                      be issued. These
                      shares will be exchanged for the shares issued by CBPI (except
                      for those held by
                      ULTRAPAR) and attributed to CBPI shareholders (except for ULTRAPAR)
                      in
                      accordance with the exchange ratio set forth in <u>Clause
                      1.1</u>.&#160;</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">4.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Wholly-Owned
                      Subsidiary</u>. As a result of the Share Exchange, CBPI will become a
                      wholly
                      owned subsidiary of ULTRAPAR. CBPI shareholders will become
                      shareholders of
                      ULTRAPAR, based on the exchange ratio established in this Protocol
                      and
                      Justification, and in proportion of their shareholdings.</font></div>
                    <div>&#160;</div>
                    <div>&#160;</div>
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
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                        </div>
                      </div>
                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        </div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right">
                        </div>
                      </div>
                    </div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Fifth
                      Clause</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Alterations
                      of the Bylaws of ULTRAPAR and CBPI</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">5.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Alterations
                      of the Bylaws of ULTRAPAR</u>.&#160; As a result of the Share Exchange, the
                      bylaws of ULTRAPAR will have to be altered so as to reflect
                      the increase in
                      paid-in capital and the number of shares into which it will
                      be split.
                      Accordingly, the following proposal will be submitted to the
                      shareholders of
                      ULTRAPAR for a change in the initial paragraph of Article 5&#186; of the bylaws, as
                      well as the following proposal for the alteration of paragraph
                      1&#186; of the
                      referred article:</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><em>&#8220;Art.
                      5&#186;&#160;&#160;The paid-in capital, subscribed and paid for, amounts to R$
                      2,388,751,309.05 (two billion, three hundred and eighty-eight
                      million, seven
                      hundred and fifty-one thousand, three hundred and nine reais
                      and five cents),
                      divided into 110,051,369 (one hundred and ten million, fifty-one
                      thousand, three
                      hundred and sixty-nine) shares without nominal value, all nominative,
                      being
                      49,429,897 (forty-nine million, four hundred and twenty-nine
                      thousand, eight
                      hundred and ninety-seven) common shares and 60,621,472 (sixty
                      million, six
                      hundred and twenty-one thousand, four hundred and seventy-two)
                      preferred
                      book-entry shares.</em></font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><em>&#167;1&#186;
- -
                      The Company is authorized to increase its paid-in capital,
                      independent of
                      altering its bylaws, on deliberation by the Board of Directors,
                      until it reaches
                      the figure of R$ 4,500,000,000.00 (four billion, five hundred
                      million reais),
                      through the issue of common or preferred shares, without keeping
                      the existing
                      proportion, observing the limit of 2/3 (two thirds) in preferred
                      shares, of the
                      total shares issued.&#8221;</em></font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">It
                      is
                      understood that, in light of the projects of Share Exchange
                      of RPI and DPPI to
                      occur simultaneously with the Share Exchange, and the final
                      result of the public
                      share offerings for the shares of RPI, DPPI, CBPI, the capital
                      increase
                      resulting from the Share Exchange and the Ultrapar&#180;s paid-in capital, subscribed
                      for and paid for, may suffer alterations resulting in paid-in
                      capital different
                      from that shown above.</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">5.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Alterations
                      of the Bylaws of CBPI</u>.&#160; As a result of the Share Exchange, the bylaws
                      of CBPI will be altered so as to reflect its transformation
                      into a wholly owned
                      subsidiary of ULTRAPAR. Accordingly, the following proposal
                      will be submitted to
                      the shareholders of CBPI for alteration of Article 1 of the
                      bylaws:</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><em>&#8220;Art.
                      1:&#160;&#160;The Company, called COMPANHIA BRASILEIRA DE PETR&#211;LEO IPIRANGA, is
                      a limited company, a wholly-owned subsidiary of Ultrapar Participa&#231;&#245;es S.A.,
                      governed by the Brazilian corporation law, applicable legislation
                      and by the
                      present bylaws.&#8221;</em></font></div>
                    <div><br></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Sixth
                      Clause</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Reasons
                      for the Share Exchange</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">6.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Reasons
                      for the Share Exchange</u>. The managements of ULTRAPAR and CBPI decided to
                      carry out the Share Exchange, being of the opinion that it
                      is in the best
                      interest of the companies involved, in light of the foregoing,
                      particularly
                      because of the:</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
                    <div>
                      <table cellpadding="0" cellspacing="0" id="list" width="100%">

                          <tr valign="top" style="LINE-HEIGHT: 1.25;">
                            <td align="right" style="WIDTH: 72pt">
                              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(a)&#160;&#160;</font></div>
                            </td>
                            <td>
                              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">simplification
                                of the complex corporate structure of the Ipiranga
                                Group;
                                </font></div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellpadding="0" cellspacing="0" id="list" width="100%">

                          <tr valign="top" style="LINE-HEIGHT: 1.25;">
                            <td align="right" style="WIDTH: 72pt">
                              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(b)&#160;&#160;</font></div>
                            </td>
                            <td>
                              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">strengthening
                                of Ipiranga Group Companies by eliminating the complex
                                capital and
                                corporate structure, thus enabling an improved operational
                                and
                                administrative efficiency, and a greater capacity
                                to make investments, for
                                the companies that comprised the Ipiranga
                                Group</font></div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div><br></div>
                    <div>
                      <table cellpadding="0" cellspacing="0" id="list" width="100%">

                          <tr valign="top" style="LINE-HEIGHT: 1.25;">
                            <td align="right" style="WIDTH: 72pt">
                              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(c)&#160;&#160;</font></div>
                            </td>
                            <td>
                              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">specialization
                                and development of the businesses that comprise the
                                Ipiranga Group;
                                </font></div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
                    <div>
                      <table cellpadding="0" cellspacing="0" id="list" width="100%">

                          <tr valign="top" style="LINE-HEIGHT: 1.25;">
                            <td align="right" style="WIDTH: 72pt">
                              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(d)&#160;&#160;</font></div>
                            </td>
                            <td>
                              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">alignment
                                of the interests of all the shareholders of the
                                companies;</font></div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>&#160;</div>
                    <div>&#160;</div>
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left">
                        </div>
                      </div>
                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        </div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right">
                        </div>
                      </div>
                    </div>
                    <div><br>&#160;</div>
                    <div>
                      <table cellpadding="0" cellspacing="0" id="list" width="100%">

                          <tr valign="top" style="LINE-HEIGHT: 1.25;">
                            <td align="right" style="WIDTH: 72pt">
                              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(e)&#160;&#160;</font></div>
                            </td>
                            <td>
                              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">increase
                                in the liquidity of the shares of all companies,
                                to the extent that the
                                shareholder base will be widened through the concentration
                                of all
                                shareholders of the companies into a single company,
                                with shares traded in
                                stock exchanges in Brazil and in New York through
                                ADRs;
                                and</font></div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div><br></div>
                    <div>
                      <table cellpadding="0" cellspacing="0" id="list" width="100%">

                          <tr valign="top" style="LINE-HEIGHT: 1.25;">
                            <td align="right" style="WIDTH: 72pt">
                              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">(f)&#160;&#160;</font></div>
                            </td>
                            <td>
                              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">extension
                                of ULTRAPAR&#8217;s recognized corporate governance standards to all
                                shareholders of CBPI, particularly with regard to
                                the 100% tag-along right
                                for preferred shares.</font></div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div><br></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Seventh
                      Clause</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Type
                      of
                      Shares to Be Delivered to the Shareholders of CBPI</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">7.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Shares
                      to Be Delivered to the Shareholders of CBPI</u>. The holders of preferred and
                      common shares of CBPI will receive, in replacement for their
                      shares, preferred
                      shares of ULTRAPAR, in accordance with <u>Clause 1</u> above, which is justified
                      as a way of permitting the non-controlling shareholders of
                      CBPI to participate
                      in the type of shares of ULTRAPAR where liquidity is concentrated
                      and whose
                      trading is permitted both in Brazil and abroad.</font></div>
                    <div><br></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Eighth
                      Clause</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Composition
                      of Paid-in Capital of ULTRAPAR After the Share Exchange</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">8.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Subscribed
                      Paid-in Capital of ULTRAPAR after the Share Exchange</u>. The subscribed paid-in
                      capital of ULTRAPAR will have a value of R$ 2,388,751,309.05
                      (two billion, three
                      hundred and eighty-eight million, seven hundred and fifty-one
                      thousand, three
                      hundred and nine reais and five cents) and will be represented
                      by 49,429,897
                      (forty-nine million, four hundred and twenty-nine thousand,
                      eight hundred and
                      ninety-seven) common shares and 60,621,472 (sixty million,
                      six hundred and
                      twenty-one thousand, four hundred and seventy-two) preferred
                      shares, nominative
                      and without nominal value, subject to Clause 5.1.</font></div>
                    <div><br></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Ninth
                      Clause</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Appraisal
                      Rights and Appraisal Value for the Shares</font></div>
                    <div><br></div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">9.1.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>Appraisal
                      Rights of the Shareholders of ULTRAPAR and CBPI</u>. As specified below, and in
                      accordance with the terms of Article 252, &#167;1&#186; and &#167;2&#186; of Brazilian Corporation
                      Law, the appraisal right of the shareholders of ULTRAPAR and
                      CBPI shall be
                      guaranteed, for those who do not agree with the terms of the
                      Share Exchange,
                      that dissent from, abstain on resolutions or fail to attend
                      the relevant Special
                      General Meeting and who expressly declare their intention to
                      exercise their
                      appraisal right, within a period of 30 (thirty) days counted
                      from the date of
                      publication of the minutes of the respective Special Shareholders
                      Meeting that
                      approves the Share Exchange. The respective amount to be paid
                      for the appraisal
                      right shall depend on the completion of the transaction, as
                      set forth in article
                      230 of Law 6.404/76, and the payment thereof shall be made
                      by the respective
                      company up to the third business day following the date of
                      completion of the
                      respective transaction.&#160;&#160;The appraisal rights shall only be assured to
                      the shareholder that proves to be the owner of the shares regarding
                      which the
                      appraisal rights were exercised, pursuant to art. 137, paragraph
                      1, of Law
                      6.404/76.</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">9.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Amount
                      to be paid to Shareholders of ULTRAPAR and CBPI</u>.&#160; The dissenting
                      shareholders of Ultrapar shall be entitled to repayment of
                      their shares in the
                      amount of twenty-three reais and eighty-six cents (R$&#160;23.86) according to
                      the last balance sheet approved, that is, as of December 31,
                      2006. The
                      dissenting shareholders of CBPI shall be entitled to repayment
                      of their shares
                      at the amount of fourteen reais and sixty-eight cents (R$&#160;14.68) according
                      to the last balance sheet approved, that is, as of December
                      31,
                      2006.</font></div>
                    <div><br></div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">9.2.1.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Considering
                      that the exchange ratio proposed to the non-controlling shareholders,
                      in
                      accordance with <u>Clause 1.1</u>, is more advantageous than that resulting from
                      comparisons to shareholder&#180;s equity at market values, under the terms of &#167; 3&#186; of
                      Article 264 of Brazilian Corporation Law, the common shareholders
                      of CBPI
                      dissenting from the respective special shareholders meeting
                      that approves the
                      corporate transaction </font></div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left">
                        </div>
                      </div>
                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        </div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right">
                        </div>
                      </div>
                    </div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">cannot
                      exercise the appraisal rights based on the shareholder&#8217;s equity at market
                      values, but rather based on shareholder&#8217;s equity at book value.</font></div>
                    <div><br></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">9.2.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
                      dissenting shareholders may, upon the exercise of the appraisal
                      rights, request
                      a special balance sheet for the company, according to the provisions
                      of article
                      45, par. 2 of the Brazilian Corporation Act.&#160;&#160;In such event, after the
                      expiration of the period determined for the Share Exchange
                      to be reconsidered,
                      pursuant to article 137, par. 3, of the Brazilian Corporation
                      Law, the
                      shareholder will receive 80% of the amount to be paid for the
                      appraisal rights,
                      and the balance, if any, shall be paid within one hundred and
                      twenty (120) days
                      from the date of the resolution at the special shareholders
                      meeting.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Tenth
                      Clause</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Approval
                      by the General Shareholders Meetings of Ultrapar and CBPI</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">10.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>General
                      Shareholders Meetings</u>. For the implementation of the Share Exchange,
                      extraordinary general shareholders meetings will be held for
                      the shareholders of
                      ULTRAPAR and CBPI, at which the respective shareholders must
                      deliberate on the
                      matters necessary for the Share Exchange.</font></div>
                    <div><br></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">Eleventh
                      Clause</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">General
                      Terms</font></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Absence
                      of Succession</u>.&#160; Upon the completion of the Share Exchange, ULTRAPAR
                      will not absorb the assets, rights, liabilities and responsibilities
                      of CBPI,
                      which will continue to exist as a separate company and there
                      will be no
                      succession.</font></div>
                    <div><br></div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.2</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>Documents
                      Available to Shareholders</u>.&#160; All the documents mentioned in this
                      Protocol and Justification are available to the shareholders
                      of ULTRAPAR and
                      CBPI as of this date, and may be obtained from the following
                      addresses:&#160;(a)
                      for shareholders of CBPI, at Rua Francisco Eug&#234;nio, 329, in the City of Rio de
                      Janeiro, in the State of Rio de Janeiro and (b) for shareholders
                      of ULTRAPAR, at
                      Avenida Brigadeiro Luiz Antonio, 1343, 8th floor, in the city
                      of S&#227;o Paulo, in
                      the state of S&#227;o Paulo.</font></div>
                    <div><br></div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.3.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;
</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>Communication
                      of the Share Exchange to the Authorities</u>. The acquisition of the Ipiranga
                      Group, including the Share Exchange, has been communicated
                      to the Administrative
                      Counsel for the Economic Defense - CADE, the Brazilian antitrust
                      authority.&#160;&#160;Any other communications necessary with regard to the
                      Share Exchange will be submitted to the applicable governmental
                      authorities,
                      under the terms of the applicable legislation.</font></div>
                    <div><br></div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.4.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;
</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>Registration
                      with the SEC</u>. The Share Exchanges and the respective issuances of new
                      shares
                      by Ultrapar are subject to applicable registrations with the
                      United States
                      Securities and Exchange Commission.</font></div>
                    <div><br></div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.5.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;
</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>Profit
                      Sharing for the Year 2007</u>. The shares to be issued by Ultrapar as a result
                      of the Share Exchange shall be fully entitled to all dividends
                      and interest on
                      share capital that may be declared after the issuance thereof.</font></div>
                    <div><br></div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.6.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;
</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">R<u>e-evaluation</u>.
                      Both ULTRAPAR and CBPI, reserve the right to re-evaluate the
                      Share Exchange, in
                      case of payment of appraisal amounts, resulting from the exercise
                      of appraisal
                      rights by shareholders who declare their dissent on a timely
                      basis, which put
                      their financial stability at risk, under the terms of &#167;3&#186; of Article 137 of
                      Brazilian Corporation Law.</font></div>
                    <div><br></div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.7.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><u>Survival
                      of Valid Clauses</u>. In the event of any particular clause, item, term, or
                      condition in this Protocol and Justification being considered
                      invalid, the other
                      clauses, items, terms, and conditions not affected by this
                      invalidation, shall
                      not be affected.</font></div>
                    <div><br></div>
                    <div>&#160;</div>
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left">
                        </div>
                      </div>
                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        </div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right">
                        </div>
                      </div>
                    </div>
                    <div><br>&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">11.8&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Jurisdiction</u>.
                      The Judiciary District of the Capital of the State of S&#227;o Paulo is hereby
                      elected for the settling of any and all questions arising from
                      this Protocol and
                      Justification, waiving the right of any other, however privileged
                      it may be or
                      may become.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">And,
                      being
                      duly in agreement, hereby sign this Protocol and Justification
                      in the form of 2
                      (two) identical copies of equal content, together with two
                      witnesses whose
                      details appear below.</font></div>
                    <div><br></div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;">S&#227;o
                      Paulo,
                      November 9, 2007.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
                        <div id="GLFTR" style="WIDTH: 100%" align="left">
                        </div>
                      </div>
                      <div id="PN" style="PAGE-BREAK-AFTER: always">
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        </div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          <hr style="COLOR: black" noshade size="2">
                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%" align="right">
                        </div>
                      </div>
                    </div>
                    <div><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><em>[
                      Signing page 1 of 1 of the Protocol and Justification for the
                      Share Exchange
                      issued by Companhia Brasileira de Petr&#243;leo&#160;&#160;Ipiranga by Ultrapar
                      Participa&#231;&#245;es S.A.]</em></font></div>
                    <div><br></div>
                    <div>
                      <table cellpadding="0" cellspacing="0" width="100%">

                          <tr>
                            <td align="left" colspan="2" valign="top" width="74%">
                              <div>&#160;</div>
                              <div>&#160;</div>
                              <div>&#160;</div>
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">ULTRAPAR
                                PARTICIPA&#199;&#213;ES S.A.</font></div>
                              <div>&#160;</div>
                              <div>&#160;</div>
                            </td>
                          </tr>
                          <tr>
                            <td align="left" valign="top" width="37%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">_______________________________</font></div>
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Name:</font></div>
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                              <div>&#160;</div>
                              <div>&#160;</div>
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                          </tr>
                          <tr>
                            <td align="left" valign="top" width="37%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">_______________________________</font></div>
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                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">RG:</font></div>
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                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">_______________________________</font></div>
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                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">RG:</font></div>
                              <div>&#160;</div>
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                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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                    <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><strong>SIGNATURES</strong></font></div>
                  </div>
                </div>
              </div>
            </div>
          </div>
        </div>
      </div>
      <div>
        <div><br></div>
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          to the requirements of the Securities Exchange Act of 1934, the registrant
          has
          duly caused this report to be signed on its behalf by the undersigned,
          thereunto
          duly authorized.</font></div>
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        <div><br></div>
        <div><br></div>
        <div><br></div>
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          19, 2007</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
          <div align="right">
            <table cellpadding="0" cellspacing="0" width="50%">

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                      HOLDINGS INC.</strong></font></div>
                  </td>
                  <td width="37%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                </tr>
                <tr>
                  <td align="left" colspan="3" valign="top" width="63%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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                <tr>
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                <tr>
                  <td align="left" colspan="3" valign="top" width="63%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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                <tr>
                  <td align="left" valign="top" width="8%" style="BORDER-BOTTOM: black">
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                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
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                        Andr&#233; Covre</font></div>
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                <tr>
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                  <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Name:</font></td>
                  <td align="left" valign="top" width="45%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Andr&#233;
                      Covre</font></div>
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                  <td width="37%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                  <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Title:</font></td>
                  <td align="left" colspan="2" valign="top" width="82%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman;">Chief
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                      Officer</font></div>
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                </tr>

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          <div><br></div>
          <div>&#160;</div>
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          Notice, Minutes, Convening
          Notices and&#160;Protocolos</font>)</em></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
